Help to Buy Scheme

by | Jun 7, 2019 | Latest News

Help to Buy Scheme Donegal  HTB SchemeFirst Time Buyer Scheme Help to Buy (HTB) Scheme

How lenders deal with the “Help to Buy Scheme” in terms of the deposit needed for first-time buyers. First-time buyers who qualify for the scheme can factor the tax rebate into their deposit requirements. This will ease the burden a good bit. The big issue is that the Incentive is only available to first-time buyers and only on new builds, either buying a new house or building your own. Main Highlights Designed to assist First Time Buyers with obtaining the deposit required to purchase a new property to live in as their home.

  • It is a refund of income tax paid over the previous 4 tax years.
  • It is only available if all parties to the purchase are First Time Buyers.
  • LTV must be greater than 70%.
  • The purchase price must be no greater than €500k.
  • Refund is 5% of the purchase price to a maximum of €20k.
  • Building Contractor for purchases must be registered on the Revenue website as eligible

Who is Eligible?

  • First Time Buyers must not have individually or jointly with any other person previously built or owned property.

There are 3 types of customers;

  1. Those who closed between 19/07/2016-31/12/2016
  2. Purchasing from a registered contractor post 01/01/2017
  3. Individuals who are First Time Buyers starting a Self-Build

All tax affairs must be up to date, any outstanding tax liability will be deducted from the eligible amount. Property must be occupied by the applicant for 5 years post completion

How to apply & what happens next
First Time Buyers apply through the Revenue website either using PAYE or ROS access. Applicant eligibility will be checked based on tax paid over the last 4 years and any outstanding tax liability. After the application has been submitted the Revenue will provide confirmation number and access number for the applicant. The applicants will be able to print off a confirmation of the amount they are eligible for based on purchase details provided. The grant will be paid to the property contractor once all final contracts have been signed.

Impact on Mortgage Applications
The regulations only impacts First Time Buyer customers purchasing a new build property going forward. Retrospective cases completed in 2016 should be queried with the Revenue office. A portion of the balance of funds may now be funded by the Help to Buy grant. Proof of eligibility can be provided by the customer by way of a printout from the Revenue website, to be provided at the application stage. The grant is payable directly to the contractor and as such on closing confirmation will be needed from the customer’s solicitor that the grant has indeed been paid. All information is available from http://www.revenue.ie/en/tax/it/reliefs/htb/index.html

Any Questions Give us a call. We are happy to answer any questions you may have. We can also assess your ability to get a mortgage and how much you can borrow. Call us today at 074 920 4287 or email us

Recommendation on Application for Mortgage

The best recommendation is by far to get guidance from a source not connected to the lenders. The ideal person to provide this advice is a financial broker/mortgage broker (like us). Many people talk themselves out of a mortgage by contacting lenders directly without first seeking guidance. I advise you to consult with me before making any mortgage financial choices since the material above is provided for informational purposes only and in no way represents financial advice. I advise using a comprehensive strategy when making financial plans, and I can assist you in implementing your ideas.

Make Sure to Find a Mortgage Broker Donegal Advice

When looking for a Mortgage in Letterkenny, Donegal, and Ireland, engaging a mortgage broker might provide a number of advantages and valuable benefits. Some benefits of hiring Brokers and Advisors are: offering access to a wide range of lenders, helping you save time and effort, providing expertise and knowledge, negotiating power, and personalized mortgage service. Make an appointment with a Pascal as you seek to find a mortgage in Donegal. Speaking with us right now. We are available to assist you with your Mortgage concerns and worries. Ask us questions about mortgages. We cover first-time buyers’ mortgages, remortgage or switcher mortgages, self-build mortgages, investor or property mortgages, and more. Contact findamortgage.ie in Letterkenny, Co Donegal, or by phone at 074 91 03938. The Central Bank of Ireland regulates Mortgage Broker Donegal Services companies in the country.

Warning: If you do not keep up your Mortgage Donegal repayments you may lose your home

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