If you are building your home, the approved valuation of your home must be €500,000 or less.However, if the price has been subsidised, for example, if you are buying a home from your local authority under the Local Authority Affordable Purchase Scheme, you must use the market value. In most cases the market value is the price you pay for the property. If you are buying a new home, the market value of the property must be €500,000 or less.If the property was non-residential before, but has been converted for residential use, it may qualify for HTB. It must never have been used, or have been suitable for use, as a residential property before. The property you buy or build must be a new residential property.Your new home must meet certain criteria to qualify for the Help to Buy scheme. You must be registered for Revenue Online Service ROS, if you are a self-assessed taxpayer.You must be registered for Revenue’s online myAccount service, if you pay tax through PAYE.You must also pay any outstanding taxes that are due. You will need to complete online form 12 (PAYE) and Form 11 (self-assessed) for each of those 4 years.You must be fully tax compliant for 4 years immediately before your claim.You must meet certain tax requirements to qualify for the scheme. With the Local Authority Affordable Purchase Scheme, you must also remember to use the market value of the property and not the reduced purchase price when calculating if your mortgage qualifies for HTB. This means you have not reached the 70% minimum LTV requirement and do not qualify for HTB. The equity funding is not considered when calculating the LTV, so your LTV is 61% based on your mortgage. Only your mortgage amount is considered.įor example, if you are buying a home that costs €365,000 and have been approved for a mortgage of €224,000 and have equity funding of €73,000, you will not qualify for HTB. If you are getting help to buy your home with a shared equity scheme like the First Home Scheme or the Local Authority Affordable Purchase Scheme, this funding is not considered when calculating the loan to value ratio for the HTB Scheme. If you have a guarantor on the loan, they do not have to be a first-time buyer. For example, your guarantor could be a parent or close relative. A guarantor is someone who agrees to have the responsibility to pay your mortgage if you don't or can't pay it. You are allowed to have a guarantor on the loan. This is known as the loan to value ratio. The approved valuation is the valuation of the property at the time you take out the mortgage. The valuation approved by the mortgage provider, if you are building your home.However, if the purchase price is less than the market value, the purchase value will be the market value. The purchase value is normally the price you pay for the property. The purchase value of the property if you are buying a newly built home.To qualify, you must take out a mortgage with a qualifying lender. Contact Revenue if you have questions about this. If you have inherited or been gifted a property and you want to buy or build a new property, you may still qualify for HTB as long as you meet all the other conditions of the scheme. You have not taken out a mortgage for the property.You don't plan on living in the property as your main home for at least 5 years after buying or building it (HTB is not available for investment properties).This applies even if you are now separated or divorced from that person and have given up your interest in the property. You have previously bought or built a house or apartment, either by yourself or with someone else.If you are buying or building the property with someone else, they must also be a first-time buyer. (The scheme was available if you bought or built a home between 19 July 2016 and 31 December 2016, but you had to claim it before ). To qualify you must be a first-time buyer who buys or self-builds a new residential property between 1 January 2017 and 31 December 2024.
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