Help to Buy Scheme 2024 - Mortgage

Help to Buy Scheme 2024 - Mortgage

What is the Help to Buy Scheme?

The Help to Buy is a government scheme aimed at helping first-time buyers to purchase a new-build or assist them in self-building a property. The scheme provides a tax rebate of up to 10% of the purchase price, up to a maximum of €30,000.

Am I eligible for the Help to Buy Scheme?

To qualify for the Help to Buy you must be:

• First-time buyer who is purchasing a new-build property or building a self-build residential property.
• A tax resident in Ireland.
• Purchasing a newly built house or an apartment with a value of no higher than €500,000.
• Borrowing at least 70% of the value of the property. For example, if you are purchasing a home for €400,000 the minimum mortgage must be €280,000.
• Living in the property as your primary residence for at least 5 years.
• If one applicant is not a first-time buyer you cannot qualify for the scheme.
• All your taxes must be up to date.

How much do I qualify for with the Help to Buy?

To see how much you qualify for you can make an enquiry through My Revenue. The amount will be dependent on how much Income Tax and DIRT was paid in the previous 4 years. The maximum amount you can qualify for is €30,000 or 10% of the property value.

For example, if you are purchasing a property for €400,000 the maximum relief you could receive is €30,000. If you were to purchase a property for €280,000 the maximum relief you could receive is €28,000.

How to apply for the Help to Buy?

• Register with Revenue
• Complete a ‘Form 12’ tax return for each of the years you are seeking relief.
• Complete the online application by uploading all the relevant information.
• Provide details of your mortgage lender and how much you will be borrowing.
• Confirm the developer/builder details online and once you proceed to claim the developer/builder will verify their details with Revenue.
• Once the property is complete the relief will be paid directly to the developer/builder.

How long is the Help to Buy valid for?

For now the Help to Buy is valid up until the 31^st of December 2025.

Next steps?

Contact Park Financial today so you can get mortgage ready and purchase your dream home.  Click HERE to make an enquiry.