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Help to buy question

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  • 03-02-2023 6:06pm
    #1
    KurtBarlow
    Registered Users Posts: 397 ✭✭


    Ive been told by a few people here that the help to buy can be used to help you with your deposit . However in the application process on revenue.ie I am asked to add an attachment which is a signed copy of the contract of sale for the home and the mortgage contract with the lender. This is where I get confused . Surely if this is used to help with the deposit then I will need this first before any mortgage contract is drawn down with any lender?



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    #2
    howiya
    Registered Users Posts: 3,295 ✭✭✭howiya


    https://www.boards.ie/discussion/2058282781/help-to-buy-question

    Sounds like you are trying to claim the HTB relief after having been approved for it?

    You would only claim it once you are at an advanced stage i.e. you've secured a new build property and been approved for a mortgage on same.

    You will need a few quid of your own to secure that property which is referred to as a booking deposit. Not to be confused with the 10% deposit although it can form part of it.

    The builder will require the full deposit once contracts are signed and this is how HTB helps with the deposit. You upload said contract to revenue and the HTB relief you have been approved for gets transferred to the builder.

    I'm not familiar with how it works for building your own property but imagine it's similar.



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    #3
    KurtBarlow
    Registered Users Posts: 397 ✭✭KurtBarlow


    Thanks for your reply. How much would that booking deposit be typically?



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    #4
    howiya
    Registered Users Posts: 3,295 ✭✭✭howiya


    It will vary from development to development but sherry fitz say the following on their website;

    • Understand that to reserve your new home will require between €5k and €20k

    I'd imagine for developments under the HTB threshold that the booking deposit would be towards the lower end of that scale.

    I got an email from DNG in November relating to a development of theirs in Dublin. Booking deposit was €5k.



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