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Self Build and Help to Buy

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  • 08-06-2020 5:28pm
    #1
    castykidd
    Registered Users Posts: 108 ✭✭


    Hi All,

    Wondering can anyone give advice.
    I have seen from research that people can claim help to buy rebate if the home they are building will be their primary residents but also own another property overseas.

    We currently have a mortgaged leasehold flat in London (we own 55% LTV) as I have been living there for last three years. I am looking to commence a self build and move back home to start a new job locally and start a family with my partner in next few years.

    As we are planning to build and move to a new and permanent residential home in Ireland and rent the mortgaged flat in London, are we eligible to claim the 20,000 tax rebate?

    If not, if my partner or myself is not named on the deed for the property in London are one of us then still first time buyers and can avail of the tax rebate in Ireland?

    ** Forgot to mention that this is assuming my partner and I will be tax compliant ,(have paid 20,00 in tax for the four years prior to commencing the self build**

    Thank you for your help.
    Tagged:


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    #2
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    castykidd wrote: »
    I have seen from research that people can claim help to buy rebate if the home they are building will be their primary residents but also own another property overseas.

    I think your research is incorrect:
    Example 30
    On 1 March 2017, Luke makes an application for HTB and confirms that he is a first-time buyer. Before he enters into a contract to purchase a house, information becomes available to Revenue which indicates that Luke previously owned a home abroad. The application Luke made for HTB ceases to be valid from the time Revenue confirms the prior home ownership by Luke.

    Source: Help to Buy (HTB) Part 15-01-46


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    #3
    castykidd
    Registered Users Posts: 108 ✭✭castykidd


    Graham wrote: »
    I think your research is incorrect:



    Source: Help to Buy (HTB) Part 15-01-46


    Thank you, that is really helpful, so there is no circumstances basically for availing.


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    #4
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    None at all that I'm aware of. To be blunt, it's for first time buyers and you're not.

    You're also almost certainly going to be hit with the larger deposit requirement (20%) and there's a likelihood that your existing mortgage will effect the amount you can borrow if you decide to keep the London flat.

    It's probably worth talking to a broker in the area you plan to settle in even if you're plans aren't immediate.


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    #5
    castykidd
    Registered Users Posts: 108 ✭✭castykidd


    Graham wrote: »
    None at all that I'm aware of. To be blunt, it's for first time buyers and you're not.

    You're also almost certainly going to be hit with the larger deposit requirement (20%) and there's a likelihood that your existing mortgage will effect the amount you can borrow if you decide to keep the London flat.

    It's probably worth talking to a broker in the area you plan to settle in even if you're plans aren't immediate.

    Thanks Graham that's really helpful


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