Yes, this is effectively correct. The HTB is not a very well thought through support mechanism. Despite your diligence to accumulate a significant deposit, you are excluded by your income level. If you had a higher income, you could take out the 70% mortgage, claim the HTB and immediately reduce your mortgage amount...it makes no sense.But just reading I can see your mortgage needs to be at least 70% of the value of the house is this right, even though I’ve maximised my borrowing amount saved like mad for years I can’t avail of the htb
I haven't personally used it but I believe the FHS would be suitable for you. You need to:I saw the other first home scheme but not sure how that works with savings
I wouldn't worry about this, the major advantage of the scheme is that there is no cost to you and the fact that it is not a loan means you have no regular payments to make on top of your mortgage. Basically it won't stress your monthly finances further than your mortgage payment.also don’t like the fact it increases as the house value increases.
Doesn't matter - all you have to do is borrow 70% and then pay off some of the mortgage early. Or as other posters have suggested go down the route of the FHS.Scenario is my max mortgage 212,000 new build house is 360,00 I have 120k in savings. 212,000 +120,000=332k and use the help to buy to make up the difference.
But just reading I can see your mortgage needs to be at least 70% of the value of the house is this right, even though I’ve maximised my borrowing amount saved like mad for years I can’t avail of the htb, is there any other options or work around for this. I saw the other first home scheme but not sure how that works with savings and also don’t like the fact it increases as the house value increases.
Just seems unfair trying to do everything right and every time I think I’m there I’m still short. Feels like I’m 6 months behind every time.
People ARE availing of the grant even though they can well afford the home without it. This is a criticism of the scheme, alongside the criticism that lower earning FTBs are generally buying 2nd hand homes and getting no assistance whatsoever.This is an interesting post, as I had also wondered about this same issue. It almost sounds like someone who works hard to save is potentially punished more than someone who perhaps makes no attempts to save. The flip side of the argument is that people could be availing of the grant even when they could afford not to.
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