FIRST TIME BUYERS
HOUSE PURCHASE SCHEME
The Help-To-Buy scheme is a new Government backed plan aimed at helping first-time buyers to obtain deposits, either to purchase a home or first-time home owners thinking of a self-build.
Applicants approved under the Help-To-Buy may be entitled to a refund of the income tax and Deposit Interest
Retention Tax (DIRT) that they have paid over the last four
However, Universal Social Charge (USC) or Pay Related
Social Insurance (PRSI) are not taken into account under
the Help-To-Buy scheme,
You may be take advantage of this scheme if a buying or
building between 19 July 2016 and 31 December 2019.
You will not be approved if you have already, or with another person, purchased a house or apartment. If the Help-To-Buy scheme is utilised, both applicants must be first time buyers.
The Help-To-Buy scheme is not intended for the buying of properties for investment, only for dwelling in by at least one of the applicants, for at least the first 5 years of the completion or purchase of the house or apartment.
From 3 January 2017, the scheme will be open for claims, which are intended to be submitted online to Revenue. Prospective claimaints under Help-To-Buy scheme must have signed a contract to purchase a new build property on or after the 19th July 2016.
For those claimaints building their own homes, the initial tranche of the mortgage on or must be drawn down on or the 19th July 2016.
The tax relief is restricted to a maximum of 5% of the purchase price of a new home or, in relation to self-builds 5% of the completion value of the property, up to a value of € 400,000. Where a first-time buyer signs a contract to purchase a new residence or in the case of a self-build, the first-time buyer draws down the first tranche of the relevant mortgage loan in the period from 19 July 2016 to 31 December 2016, then the new homes may be valued between € 400,000 and € 600,000.
However, the maximum relief of € 20,000 will continue to be available. No relief will be available for new purchases costing over € 600,000 or self-builds valued at over € 600,000.
In the case of the property ownership being divided between two or more owners of the property, each can can make a joint claim or can make individual claims. The maximum amount of relief available is € 20,000 per property.
HOW TO BID AT AUCTIONS: 3 KEY STEPS
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