What Is the Help To Buy Scheme?
The Help to Buy Scheme (HTB) is aimed at first time buyers who have difficulty coming up with the 10% deposit for purchasing a house.
The enhanced HTB scheme is available until December 2024.
Here are the main factors you need to keep in mind regarding the Help to Buy Scheme in Ireland:
Some banks offer cashback on mortgages, be sure to shop around when choosing a financial institution for your property mortgage – get financial advice. A Broker should be able to advise you on a range of products and services in the market, whereas a Bank will be limited to advising on just their products or services.
How Does the Help To Buy Scheme Work?
Here are four important factors to note to ensure the Help to Buy Scheme works for you:
What Happens If I Sell a House I Bought Through the Help To Buy Scheme?
Anyone who purchases a first-time buyer’s house through the scheme must live in the house for at least five years or be liable to refund some of the tax savings received as well as an element of stamp duty relief.
If for whatever reason, the purchaser or purchasers need to sell the property before the end of the initial five-year period, or move main residence, the following amounts of the rebate must be repaid:
|Amounts to be Repaid if Leave Property Earlier than 5 Years|
|Date of Sale||% of rebate||Amount|
|Within 1 year of purchase||100%||Up to €20,000|
|Within 2 years of purchase||80%||Up to €16,000|
|Within 3 years of purchase||60%||Up to €12,000|
|Within 4 years of purchase||40%||Up to €8,000|
|Within 5 years of purchase||20%||Up to €4,000|
How To Apply for the Help To Buy Scheme?
Have you reviewed all of the requirements for the scheme and tick all the boxes? You are therefore ready to apply for the Help to Buy Scheme which is divided into five stages.
Does Everyone Qualify for the Help To Buy Scheme?
Anyone can qualify for the Help to Buy Scheme in Ireland, the requisites to qualify for the scheme are as follows: