2017-21 help to buy scheme - megathread. All help to buy discussion here please

GingerLily

Essien wrote: »

Has anyone had any experience of applying for this where they had to demolish a derelict house before proceeding with the new build?

Is that a new build?

GingerLily

085cheeky wrote: »

guys ive been in constant PAYE employment the last 15+ years but my partner has only returned to work within the last 3/4 months after being off work raising the kids.

we now want to apply for this scheme (main reason she went back to work was to assist in getting a mortgage) but i am unsure if it would be better for me to claim the HTB by myself or as a joint as she has 0 tax contributions since the kids where born in 2012.... also she didnt go on jobseekers or any of that messing we lived (and struggled) carefully off one income

so in peoples opinions should we apply for HTB as joint or single? or do we have to apply for HTB as joint as the mortgage will be a joint application?

Apply for it joint, you'll be fully entitled to take the whole rebate from just your taxes. They don't average it or anything so there is no problem adding her, I think you'll need to actually as she'll Co own the house, but only your taxes will be used against the 5% rebate.

Essien

GingerLily wrote: »

Is that a new build?

Im not sure, I'd have thought so.

dellas1979

Hello all,

I've planning in place. And mortgage approved for a build. Tenders will go out in next week or so (hoping a building company).

I will be applying for the Help to Buy scheme. According to the bank (theyve done valuation), I have an LTV of 75%. So, on paper, I qualify (just not sure for how much yet...Ive to get P60/P21 for 2017 which hasnt come out yet).

Few questions (never actually spoken to anyone who has done HTB!):
I got an offer letter from the bank-does this suffice?
Does it go into your bank account (or is it put to builder?). Ive been reading different things.
My solicitor is registered for the scheme.

I think I can get 5% back on the cost of the mortgage? (so, if you borrow 150k, you can get e7,500 back, as long as youve paid it in tax in last 4 years?)

Bargain_Hound

Does the developer actually take the amount at the time of signing contracts & paying deposit? What would happen in the event the sale fell through at time of closing?

Aaron15

Hi people, so I’ve been approved for HTB, on the 22nd of January I was sent a message via my enquirers on the revenue website that says my claim has been verified that my builder will receive payment in 5 working days, now that’s a long time ago and that’s still the same message, should I just assume that he’s been paid? I haven’t heard anything more from him or revenue?

dellas1979

How comes some people seem to be getting money paid into their bank account, and for others the builders are getting it?

GingerLily

Aaron15 wrote: »

Hi people, so I’ve been approved for HTB, on the 22nd of January I was sent a message via my enquirers on the revenue website that says my claim has been verified that my builder will receive payment in 5 working days, now that’s a long time ago and that’s still the same message, should I just assume that he’s been paid? I haven’t heard anything more from him or revenue?

We got that message and then contracts to close a week later, but nothing specific from Revenue or the builder. You will need the builder to verify they have received the funds to drawdown but that isn't until your closing, your solicitor will request it for your bank, you might not even see it!

redmeanie77

Thank you to everyone on this thread with very helpful advice. It was an invaluable source of information for the application process. My help to buy was approved last year.

However i am now faced with a new dilemma, my job have rotated me to the west of ireland for the next 18 months, so my new apartment wont be my "primary residence" during that time. So of course i would like to rent it out, does anyone have a similar experience of this situation?

GingerLily

redmeanie77 wrote: »

Thank you to everyone on this thread with very helpful advice. It was an invaluable source of information for the application process. My help to buy was approved last year.

However i am now faced with a new dilemma, my job have rotated me to the west of ireland for the next 18 months, so my new apartment wont be my "primary residence" during that time. So of course i would like to rent it out, does anyone have a similar experience of this situation?

The HTB rules state:
You must occupy the property for 5 years from the date it is habitable
It does not cover investment properties

You would probably get away with rent a room scheme - but it would be very risky to rent out the whole thing.

sightband

redmeanie77 wrote: »

Thank you to everyone on this thread with very helpful advice. It was an invaluable source of information for the application process. My help to buy was approved last year.

However i am now faced with a new dilemma, my job have rotated me to the west of ireland for the next 18 months, so my new apartment wont be my "primary residence" during that time. So of course i would like to rent it out, does anyone have a similar experience of this situation?

If you rent it and declare it with revenue as rental income they are entitled to clawback whatever portion of the 20k you got. How switched on revenue are for this type of scenario is anyone’s guess as you’d probably be one of the first, do the math and see if it’s worth it...I know if my employer did this to me I would be looking for some provision to be made for the situation.

toberlion

Hi,

I can’t seem to get an answer to this question on the HTB scheme.

Is the HTB used as part of the deposit to the contractor?

We’re being told that we need to pay the full 10% deposit now in order to get the contracts signed and get the money back at a later date.
Even though we are HTB approved and ready to go.
Doesn’t make sense that we can’t use it now to help with our deposit.

Has anyone else had this issue or is it normal?

085cheeky

GingerLily wrote: »

Apply for it joint, you'll be fully entitled to take the whole rebate from just your taxes. They don't average it or anything so there is no problem adding her, I think you'll need to actually as she'll Co own the house, but only your taxes will be used against the 5% rebate.

so we did as recommended and we got a reference number (application code), what happens now do we just have to wait for them to come back with an answer? how long does it usually take?

Aaron15

toberlion wrote: »

Hi,

I can’t seem to get an answer to this question on the HTB scheme.

Is the HTB used as part of the deposit to the contractor?

We’re being told that we need to pay the full 10% deposit now in order to get the contracts signed and get the money back at a later date.

Even though we are HTB approved and ready to go.
Doesn’t make sense that we can’t use it now to help with our deposit.

Has anyone else had this issue or is it normal?

The HTB is used as a contribution toward your deposit(unless you are doing a self build). Have you checked to see if the builder is registered for help to buy? We had a similar issue, but our solicitor explained that we needed to use our HTB to fund the rest of our deposit, and the builders solicitor had no problem with this, if it’s ready to use i can’t understand why they’d want you to pay the full deposit up front, the purpose of HTB is to help fund the deposit, I’d have a word and explain that you are not willing to do it in the way they are asking.

conor05

Hi
It says myself and my Fiancée qualify for the full 20k rebate for HTB scheme. Just wondering when the first drawdown is made is the 20k deposited into your account?
I’m only asking because we are getting married this year as well as building and was wondering could you take a few €€k out of the rebate to put it towards the wedding or is it strictly used for the self build house?

Thanks

085cheeky

conor05 wrote: »

Hi
It says myself and my Fiancée qualify for the full 20k rebate for HTB scheme. Just wondering when the first drawdown is made is the 20k deposited into your account?
I’m only asking because we are getting married this year as well as building and was wondering could you take a few €€k out of the rebate to put it towards the wedding or is it strictly used for the self build house?

Thanks

how long did you have to wait before you got an assessment number until you found out how much you qualified for?

conor05

085cheeky wrote: »

how long did you have to wait before you got an assessment number until you found out how much you qualified for?

Applied on Tuesday morning, got qualified amount about an hour ago.

awec

conor05 wrote: »

Hi
It says myself and my Fiancée qualify for the full 20k rebate for HTB scheme. Just wondering when the first drawdown is made is the 20k deposited into your account?
I’m only asking because we are getting married this year as well as building and was wondering could you take a few €€k out of the rebate to put it towards the wedding or is it strictly used for the self build house?

Thanks

If you're self building you get the money and can do with it whatever you want.

To get a 20k rebate the completed value of your house (from the bank's valuation report) would have to be at least 400,000.

fguinan

toberlion wrote: »

Hi,

I can’t seem to get an answer to this question on the HTB scheme.

Is the HTB used as part of the deposit to the contractor?

We’re being told that we need to pay the full 10% deposit now in order to get the contracts signed and get the money back at a later date.
Even though we are HTB approved and ready to go.
Doesn’t make sense that we can’t use it now to help with our deposit.

Has anyone else had this issue or is it normal?

If you are buying a house HTB is part of the deposit.
If the developer is disputing this ask for it in writing to refer to revenue.

dellas1979

What does it mean when it says on revenue:

Your application is currently under review

(I feel I hadnt finished the form....Id just clicked a few buttons and got P21 for 2017 P60).

Building a new house. Does payment go to contractor or you?

dev_ire

Is there any point looking at this if I could afford a second hand house around 270,000?

GingerLily

dev_ire wrote: »

Is there any point looking at this if I could afford a second hand house around 270,000?

It can only help with new or self builds, so it's up to you if you can find one in your budget

allym

It’s only for new builds so you couldn’t use it towards a second hand house

dev_ire

Yes but I mean is there any point looking with a budget of around 290k (20K rebate + 270k) for a new build? I am assuming nothing will be even close to this price in Dublin?

GingerLily

It's 5% up to 20k, so 13.5k for your budget.

Its completely up to where you're looking, won't get you a house in Dublin though.

dev_ire

Thanks.

redmond08

So I submitted my form 12 last night for the past 4 years but I can't go any further to submit my application. It nows says.

"According to our records you have the following liabilities and/or returns due:

P21 not requested"

So I go to request it and it only allows me to view it. Do I have to wait for revenue to approve my form 12 before I can request it?

Thanks again!

allym

I think so, you should get a message once they’ve processed your form 12 with an updated P21 for that year. It’s generally within a day or two, they seem quite quick at it at the minute.

autumnbelle

How long did it take for you all to hear back from Revenue? It’s still coming up that I need 2017 form 12 filed and my oh to confirm he is part of the group (he has accepted it on Revenue site) also will the banks accept this as part of your deposit

allym

I haven’t started yet myself but as far as I know, the banks do accept it as part of the deposit but someone who has used it can confirm