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AIP approved for 228k as single applicatant. Need help with HTB and FHS

  • 25-08-2024 6:59pm
    #1
    Murt2024
    Registered Users Posts: 197 ✭✭


    I have a 40k deposit saved up so lets say 268K at the moment is my max budget for second hand dwellings.

    There's new builds going for 320K near enough to me.

    If I use the HTB scheme that would add 30K to my max budget so 268K + 30K = 298K

    If I was to use the first home scheme that would mean 20% of the property price so would increase my budget to
    298k+(320/20)=298K+64k=362k

    So lets just say i keep my deposit out if it for the moment which would be 322K.

    I could use my 40K deposit to overbid to 362k? Would that be correct?



Comments

  • #2
    boardanon6969
    Registered Users, Registered Users 2 Posts: 5 ✭boardanon6969


    FHS and HTB are for new builds ONLY. There is no bidding on new builds. Its a fixed price.



  • #3
    boardanon6969
    Registered Users, Registered Users 2 Posts: 5 ✭boardanon6969


    Keep in mind solicitor fees for a 362K new build with HTB & FHS will probably run you in total between stamp duty, land registry etc up to 6000-7000 euros. New builds typically also need flooring put in, blinds/curtains etc so add a few more thousand for that. To be in more in condition you should expect between the legal stuff and that 10000 euro or so.



  • #4
    Bielsa2020
    Registered Users, Registered Users 2 Posts: 32 ✭Bielsa2020


    You can only use HTB if your mortgage is at least 70% of the house value so a mortgage of €228k would limit you to a max purchase price of €325k if you want to use HTB



  • #5
    Murt2024
    Registered Users Posts: 197 ✭✭Murt2024


    https://www.boards.ie/discussion/comment/122543642#Comment_122543642

    So 228+40(Deposit)+30(HTB) = 298K would realistically be my max budget with HTB at the moment.

    What if I included the first home scheme? How would that work out?

    I presume that would make up the extra 27K if needed?



  • #6
    Bielsa2020
    Registered Users, Registered Users 2 Posts: 32 ✭Bielsa2020


    Correct. But I’d recommend talking with a financial advisor or broker. You might be better off using just 32.5k of your savings for the deposit and use FHS for the difference. You’ll need cash for your solicitor, stamp duty and start up costs for a new home.



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  • #7
    Murt2024
    Registered Users Posts: 197 ✭✭Murt2024


    https://www.boards.ie/discussion/comment/122544347#Comment_122544347

    Thanks, makes sense cheers!



  • #8
    Rita57
    Registered Users Posts: 35 ✭Rita57


    like above I would suggest a mortgage advisor in a brokers would be best as they are used to these application questions and situations



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