What is the Help to Buy Scheme?
The Help to Buy (HTB) is available to first time buyers purchasing new home who have paid tax in Ireland over the last four years.
It is a rebate of the tax you have paid over the last four years. You can be eligible for up to 10% of the purchase price of a new home capped at €30,000.
Max home value is €500,000 and minimum loan to value is 70% (you cannot have more than a 30% deposit).
The scheme is also open to those building a home.
The €30,000 can be used to form your 10% deposit or part of it.
How to Apply for the Help to Buy scheme?
First Step –
Go to Revenue MyAccount (if PAYE) or ROS (if self employed).
Ensure your Income Tax Returns are complete for the last 4 years. You will know these are complete if you go to ‘Review your tax 2020-2023’ and you are able to ‘view’ your Income Tax Return for each individual year.
Single applicants who were not in employment in one or any of the last 4 years cannot use that year for Income tax refund purposes as they didn’t pay any income tax.
This rule also still applies in a joint application, even if one of the applicants was working during that year.
When ticking the boxes for which years you would like to use towards the HTB application you would leave that year (where there was no requirement banks earnings) blank, as if you dont leave it blank you will receive an error message.
Joint Applicants – If the application is a Joint application for the HTB then the first applicant to apply will add the details of their spouse/partner (PPS Number). This will then send a notification to the partners revenue account asking them if they would like to proceed with the HTB Application.
When I am approved what do I need to do?
When your application has been approved (timelines can vary depending on volume of applications Revenue are dealing with), you will need to take a screenshot of two different screens –
1) Access Code
2) Application Code which states your name(s) & PPS Number(s) & amount you are approved for.
Where do I find the Access and Application code for my help to buy?
These can be found in the ‘Help To Buy’ section on revenue if you review your application and also from ‘My Enquiries’.
These can passed onto your mortgage broker when making your mortgage application & your solicitor once ready to claim under the scheme at time of signing contracts.
How do you claim the help to buy funds?
Already approved for the Help to Buy Scheme – found a home, ready to claim, here’s how …
Once you are sale agreed on a property and ready to Claim your HTB you will need-
- Signed Letter of Offer from your Mortgage Lender
- Signed Mortgage Acceptance Form
- Signed and Dated Contracts
- Signed and Dated First Home Scheme documents, if availing of FHS also
Your solicitor will have all of these documents.
What then?
Once these documents are submitted to Revenue and reviewed you will receive a Claim Reference Number.
This can be passed onto your solicitor.
The Developer will then use your Claim Reference Number, Access Code & Application Code to redeem the HTB.
Need help with the help to buy scheme or want to apply for a mortgage?
Need Advice on applying for a mortgage, just ask! Our team of Mortgage Specialists can help you understand any schemes available to you and help you get the best mortgage and rates for your circumstances.
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