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Accepting Help to Buy as part of deposit for mortgage application

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  • 20-05-2019 1:38pm
    #1
    tomister
    Registered Users Posts: 271 ✭✭


    Hi there,

    Hoping you can clear up conflicting information I’ve received in branch.
    I’m going to be applying for a mortgage and am approved for the governments Help to Buy scheme.
    As it’s aimed at helping people gather the necessary deposit for their home I would have thought the bank would take this into account when looking at the available funds.
    However I met with a mortgage advisor (not a mortgage specialist) and was told that I still need to have saved the full 10% myself to be able to apply for a mortgage. But the document checklist I’ve received from the same advisor has Help to Buy listed as a source of funds.

    So long story short does BOI accept the Help to Buy scheme as a source of funds provided the property being purchased is eligible and the applicant has approval?

    Thank you


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    #2
    Bank of Ireland: Lorna
    Closed Accounts Posts: 423 ✭✭Bank of Ireland: Lorna


    Hi there tomister,

    Thanks for getting in touch.

    It may be best to contact our Mortgage Team on 016113333 and our Mortgage Specialists will be happy to go through this with you.

    Apologies for the confusion.

    Best of luck beginning your mortgage journey.

    Thanks,

    Lorna


  • Options
    #3
    tomister
    Registered Users Posts: 271 ✭✭tomister


    Still waiting for a call back from the mortgage team on this. I rang them last Monday. I know they’re probably busy with applications so is it possible to just find out and post it here?


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    #4
    Bank of Ireland: Alison
    Closed Accounts Posts: 1,060 ✭✭✭Bank of Ireland: Alison


    Thanks tomister for reaching back out to us.


    We can confirm with the 'First Time Buyer Help to Buy Incentive' the amount is included when applying for a mortgage with us as part of the 'mortgage deposit calculation'.

    Sorry to hear a previous Advisor gave incorrect information on this.

    And apologies the Mortgage Team have yet to come back to you on this.  If you need any help with the application please feel free to get in touch here, we would be happy to have a Mortgage Specialist give you a call.

    Many thanks
    Alison


     


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