Revenue Help to Buy scheme - Questions

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dave29

Registered User
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Hi,

I'm in the process of saving for a deposit on a house, I'm a first time buyer.

I don't have any house in mind, and i've not applied for a mortgage yet as I don't have enough of a deposit saved.

I was reading on revenue.ie that there is a Help to Buy scheme. https://www.revenue.ie/en/property/h...ive/index.aspx

Is says that I can claim for a refund on my paid income tax to help with the deposit.

As a first time buyer, I need at least 10% deposit. How would this work if I was able to get some of that deposit from claiming back income tax.

If I was looking at a house for €200,000. I'd need a minimum of €20,000 deposit.

If I had €10,000 saved, and was able to get €10,000 back from revenue, would this satisfy the 10% deposit rule?

The main reason for asking this is I could speed up the process of getting a deposit and I could be looking for a new home sooner.

thanks.
 
dave29 said:
If I had €10,000 saved, and was able to get €10,000 back from revenue, would this satisfy the 10% deposit rule?
Click to expand...
Yes, some banks will look at an application once you've at least 5% saved, and can prove affordability (regular savings / rent payments). You will also need 1% for stamp duty, and 1500 (ish) for legal fees. You will however need to come to an arrangement in terms of paying your booking deposit to developer.
Note, the HTB scheme is only available on new builds.
 
Sorry.. I didn't know it was just new builds.. I thought was new builds + first time buyers.

thanks.
 
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