Help to Buy Scheme

Help To Buy Scheme

The Minister of Finance has agreed in the latest budget to extend the Help to Buy Scheme up until the end of 2029.

The Help to Buy Scheme has allowed new purchasers to avail of a €30,000 grant when purchasing a new home. The above scheme has helped over 50,000 individuals purchasing their own home.

With four offices across North Kildare, we have seen firsthand of how beneficial this scheme has been for prospective purchasers and we are delighted to hear the news of its extension.

Help to Buy Scheme FAQ’s

Am I eligible for the Help-to-Buy Scheme?

To be eligible for the Help-to-Buy Scheme, you must meet the following criteria:

First-time buyer: Applicants must be first-time buyers and have never bought or built a property before, either alone or with someone else.

Purchase a new build home: The scheme applies only to new properties or homes under self-build construction.

Meet residency requirements: The property must be your main residence for at least five years after it is built or bought.

Arrange the loan requirements: You will need to secure a mortgage of at least 70% of the purchase price from a qualifying lender, such as banks, building societies, or local authorities.

Be tax compliant: Applicants must be up to date on their income tax and DIRT (Deposit Interest Retention Tax) obligations.

Adhere to the price cap: The scheme is applicable to properties worth up to €500,000, offering a maximum relief of €30,000.

How do I apply for the Help-to-Buy Scheme?

To apply for the Help-to-Buy (HTB) Scheme, you need to complete an online application through Revenue’s myAccount or the Revenue Online Service (ROS). This involves providing details of the property, the amount of refund sought, and other relevant financial information. After approval, the refund, which is a portion of income tax and DIRT paid over the previous four years, is paid directly to the builder or solicitor.

What are the mortgage requirements with Help-to-Buy?

To be eligible for the scheme, you must secure a mortgage from a recognised lender, covering at least 70% of the property’s purchase value or the mortgage provider’s approved valuation. You can also have a guarantor, such as a parent or close relative, who agrees to cover mortgage payments if necessary. The guarantor’s first-time buyer status is not a requirement.

How much is available to me?

If you are purchasing a new build property, you can claim:

– 10% of the new build’s purchase price, e.g., €20,000 for a €200,000 home.

– The amount of Income Tax and DIRT you paid in the four years prior to moving.

For self-built homes, you can claim:

– 10% of the home’s completion value.

However, the home’s value must be €500,000 or less, and the maximum claim from the scheme is capped at €30,000. This means that for homes valued over €300,000, the maximum relief is €30,000.

If you would like to know more about the Help-to-buy Scheme, please call us today to arrange a consultation. Please telephone Eoin Powderly on: +353 1 6284333 or email: contactus@powderlysolicitors.ie

CONTACT INFO

Kilcock
The Square, Kilcock,
Co. Kildare W23 F226
Tel: +353 1 6284333

Maynooth
Finnerty House,
Dublin Road, Maynooth,
Co. Kildare, W23 Y0A6
Tel: +353 1 601 6396

Prosperous
Main Street, Prosperous,
Co. Kildare W91 T62P
Tel: +353 45 989 111

Clane
Main Street, Abbeyland,
Clane, Co. Kildare, W91 YK83
Tel: +353 45 246 527

USEFUL LINKS

OUR MISSION

We pride ourselves on working closely with our clients — some of who have been with us, since Powderly began in Kilcock, for 25 years.

contactus@powderlysolicitors.ie

CONTACT INFO

Kilcock
The Square, Kilcock,
Co. Kildare W23 F226
Tel: +353 1 6284333

Maynooth
Main Street, Maynooth,
Co. Kildare W23 Y0A6
Tel: +353 1 601 6396

Prosperous
Main Street, Prosperous,
Co. Kildare W91 T62P
Tel: +353 45 989 111

Clane
Main Street, Abbeyland,
Clane, Co. Kildare, W91 AN29
Tel: +353 45 246 527

contactus@powderlysolicitors.ie

USEFUL LINKS

OUR MISSION

We pride ourselves on working closely with our clients — some of who have been with us, since Powderly began in Kilcock, for 25 years.

CONTACT INFO

Kilcock
The Square, Kilcock, Co. Kildare W23 F226
Tel: +353 1 6284333

Maynooth
Main Street, Maynooth, Co. Kildare W23 Y0A6
Tel: +353 1 601 6396

Prosperous
Main Street, Prosperous, Co. Kildare W91 T62P
Tel: + 353 45 989 111

Email: contactus@powderlysolicitors.ie

USEFUL LINKS

OUR MISSION

We pride ourselves on working closely with our clients — some of who have been with us, since Powderly began in Kilcock, for 25 years.

Together, our purpose is to be the difference. We don’t just do the right thing by you, we’re committed to doing it the right way. With the best talent and the right balance of creativity, technology and imagination, irs about making a lasting difference for our clients, people, communities and planet.