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How does the First Time Buyer - New Home 5% Rebate work

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  • 31-08-2017 4:50pm
    #1
    Saint Sonner
    Registered Users Posts: 992 ✭✭✭


    I was reading a brochure from an approved new build scheme.

    The way it worded it sounded that in order to qualify for a mortgage for a first time buyer for a house worth €400,000 you had to raise €20,000 and that the 5% relief covered the rest of the €20,000 that takes you up to the 10% minimum.

    Is this correct?


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    #2
    Bank of Ireland: Darren
    Closed Accounts Posts: 991 ✭✭✭Bank of Ireland: Darren


    Saint Sonner wrote: »
    I was reading a brochure from an approved new build scheme.

    The way it worded it sounded that in order to qualify for a mortgage for a first time buyer for a house worth €400,000 you had to raise €20,000 and that the 5% relief covered the rest of the €20,000 that takes you up to the 10% minimum.

    Is this correct?

    Hi Saint Sonner,

    Thanks for contacting us through Boards.

    You can use this as part of your deposit, however we would need confirmation from the Revenue that they have approved you prior to us being able to take it as part of the deposit.

    I hope this is some help and I have given a link here that you can use to apply for a mortgage with us online or arrange a call back to speak with one of our mortgage specialists about this.

    Thanks again for your message,
    Darren.


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    #3
    Saint Sonner
    Registered Users Posts: 992 ✭✭✭Saint Sonner


    So if I was approved by Revenue - Was approved for a mortgage on a qualifying new build scheme and wanted to buy a house at €320k - I would only have to have €16k of my own cash to put down?


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    #4
    Bank of Ireland: Darren
    Closed Accounts Posts: 991 ✭✭✭Bank of Ireland: Darren


    Saint Sonner wrote: »
    So if I was approved by Revenue - Was approved for a mortgage on a qualifying new build scheme and wanted to buy a house at €320k - I would only have to have €16k of my own cash to put down?

    Thanks for getting back to us Saint Sonner,

    Yep, that's right. Once we have the confirmation from the Revenue the full 5% can be used in the deposit.

    Please let me know if we can help you with anything else.
    Darren.


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