The Help to Buy incentive, also known as the Help to Buy scheme, is a Government tax refund scheme designed to help first-time buyers get the deposit needed to buy a newly built home. Borrowers can claim a maximum of 10% of the value of the property or €30,000 – whichever is lower.
The Help-To-Buy scheme will be enhanced for the remainder of 2020 and up until the end of December 2020, so that the level of support available to first-time buyers will be increased. The main change to the scheme now sees First Time Buyers being able to avail of the lesser of €30,000, up from €20,000, or 10%, up from 5%, of the purchase value of a new property, either brought or built.
The purchase value of a new build means the price that you bought it for. For Self-Build Properties, the purchase value is the approved valuation by the lender at the time that you took out the mortgage. If the property is bought between the 19th of July 2016 and the 31st of December 2016, the purchase price must be €600,000 or less. If bought after January 1st 2017, it must be €500,000 or less.
How to apply for the Help To Buy
Applicants must use myAccount or Revenue’s Online Services (ROS) to apply for the Help To Buy scheme online. For help with this or for more information, contact our team of financial advisors today at 021 2061780 or via email at contact@alphawealth.ie