Help to Buy Scheme
Posted on 26th April 2023 at 20:18
Are you a first-time buyer trying to get on the property ladder?
Do you know about the Help to Buy Scheme?
This is a scheme backed by the Irish Government, aimed at helping first-time buyers to purchase a newly-built house or apartment.
Under this scheme, you will receive a refund of Income Tax and Deposit Interest Retention Tax from Revenue. This is based on the tax you have paid over the previous four years - up to a maximum tax refund of €30,000.00.
Am I eligible for the Help to Buy Scheme?
To be eligible for the Help to Buy Scheme you must be a first-time buyer of a newly built property or a self-build costing €500,000.00 or less. If you are purchasing the property with your spouse, they must also be a first-time buyer.
The Help to Buy Scheme is not suitable for cash buyers. You are required to take out a home loan mortgage of at least 70% of the purchase price or in the case of a self-build, the value approved by the mortgage provider.
The property must be a newly built residential property which has never been used.
Buyers must also be tax compliant for the four years before applying for the loan.
How do I apply?
Applying for the Help to Buy Scheme (HTB) can be completed in three simple steps: -
1. Access the HTB portal on Revenue Online Services (ROS) through ‘myAccount’. You must complete the relevant HTB declarations and tick the years you wish to use for a HTB refund.
2. If your HTB application is approved, you can make a claim through Revenue confirming details of the property and your mortgage provider.
3. Before you receive the HTB tax refund, your application must be verified by the contractor of the new build or your solicitor if you are self-building. Once your application is verified, the HTB tax refund will be released directly to the contractor/builder and the monies are put towards the deposit. If it is a self-build the HTB Tax refund is paid to a bank account you hold with your loan provider.
Do I need a Solicitor?
Yes. If you are buying a home in Ireland you will have to instruct a Solicitor to act on your behalf in the purchase of a property and to provide you advices on the Help to Buy Scheme. Marcus Lynch Solicitors can act on your behalf and you will be one step closer to owning your dream home.
Please contact Senior Solicitor Caroline Davin-Power on 01 8732134
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