The-Help-To-Buy-Scheme-Has-Been-Extended-Until-2024-Infographic-Symmetry-Financial-Management-COMP

1. The Help To Buy Scheme Has Been Extended Until 2024 In the 2023 Budget, it was announced that the Help to Buy Scheme will now be extended until the end of 2024, meaning that thousands more people will be able to buy their first home. In this infographic, we explain what the Help to Buy Scheme is, who qualifies for it and how to apply for it. WHAT IS THE HELP TO BUY SCHEME? First introduced in 2017, the Help to Buy (HTB) Scheme is a government-funded initiative aimed at helping first-time buyers to get onto the property ladder. It is available to people who plan to either buy or self-build their first home (up to a maximum property value of €500,000). With the HTB Scheme, you can get a refund of the Income Tax and Deposit Interest Retention Tax (DIRT) that you have paid over the previous four tax years. This refund will then cover the cost of your deposit. HOW DO I QUALIFY FOR THE HELP TO BUY SCHEME? You must be a first-time buyer, meaning that you must not have previously bought or built a property individually or with someone else, whether in Ireland or abroad. (Note: You can still apply if you have inherited or been gifted a property.) The property you plan to buy or build must be a new home that you intend to live in (i.e. not an investment property) and you must live in it for five years from the date that it is habitable. You must buy from a Revenue-approved contractor or developer if you are buying a new home. If you are building one, then you will need a solicitor known as an “HTB Approver” to verify your HTB claim. The purchase price of your home or the valuation of your self-build must be €500,000 or less. Your mortgage loan-to-value ratio must be at least 70%. You must be fully tax-compliant for the 4 years immediately before your claim. You must not be a cash buyer. HOW DO I APPLY FOR THE HELP TO BUY SCHEME? APPLICATION #1 STAGE If you are a PAYE employee only, you can apply for the HTB Scheme through Revenue’s myAccount service. You must complete Form 12 for each of the four years before your claim. If you are a self-assessed taxpayer, you can apply through Revenue’s Online Service (ROS). You’ll need to complete Form 11 for each of the four years before your claim. Provided you are tax compliant, your application will be approved and you will then be given a summary of the maximum amount you can claim under the scheme. CLAIM #2 STAGE Once your application is approved you can make your claim using ROS or MyAccount. You will need to provide documents related to your mortgage (such as the signed new home contract provided by your solicitor) and confirm details about the property at this stage. If you are self-building your home, you will need to upload the details of your builder or developer. VERIFICATION #3 STAGE Finally, you’ll need to get the information you have provided verified by an “eligible verifier”. If you are buying a new home, this person is the contractor. If you are self-building, then it’s your solicitor. SYMMETRY FINANCIAL – YOUR IMPARTIAL FINANCIAL ADVISOR Buying a new home can be a tricky process to navigate, and while there are various schemes available that offer financial support, it can be confusing and overwhelming to know what your best options are. That’s why it’s always a good idea to consult with an experienced financial advisor who has your best interests in mind and can help to guide you smoothly through the process. At Symmetry Financial Management, our team of expert and impartial mortgage advisors works with first-time buyers, switchers, home-movers, and investors to help you get the best rate on your mortgage, always. Schedule a no-obligation appointment with our team at info@symmetryfinancial.ie or call 01 6831673 to begin your journey towards becoming a homeowner today! WARNING: If you do not keep up your repayments you may lose your home. WARNING: This new loan may take longer to pay off than your previous loans. This means you may pay more than if you paid over a shorter term. WARNING: You may have to pay charges if you pay off a fixed-rate loan. WARNING: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future. WARNING: The cost of your monthly repayments may increase. WARNING: The entire amount that you have borrowed will still be outstanding at the end of the interest-only period. Symmetry Financial Management Ltd t/a Symmetry Financial Management, Asian Financial Services is regulated by the Central Bank of Ireland. Reg No: C174844. 01 6831673 symmetryfinancial.ie