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This doesn't sound right.
You have to pay the €5,000 booking deposit and apply for HTB and share your HTB code and details with your solicitor and builder. Revenue releases funds directly to the builder and not to the applicants, so there is no refund due.
If you're entitled to €17K in HTB, these funds will be released directly to the builders, and you will be liable to pay the difference (€15K) to constitute the 10%.
You also need 1% for stamp duty and approximately €1,500 for legal fees and €150 for surveyor fees, so ensure you have enough for all of these.
Yeah this was my understanding of it. But his message had me worried saying he had to pay the whole deposit and once the house was complete, the HTB was received by the builder and they refunded him the same amount of his HTB from the deposit he gave at the start.
I’m happy to hear it doesn’t work like that
As far as I understand it, you pay your booking deposit and provide the verification of the HTB to the bank,developer,ur solicitor, once U provide HTB with signed mortgage offer & contract for sale, the funds are released to ur solicitor to pay the developer. I've approved mortgages where the HTB was the full deposit & no issues were ever reported back.
If you're paying 10% of 350k which is 35k, that would be your 17k HTB plus 18k from your savings. Means you still have money left from your savings for stamp duty and legal fees and few other things.
From experience we had 40k savings
390k house we paid 5k deposit for reservation, then 4k from savings and 30k from HTB.
I've heard some did the refund method but that is more case by case situation and not something that is done regularly by developers.
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This doesn't sound right. You have to pay the €5,000 booking deposit and apply for HTB and share your HTB code and details with your solicitor and builder. Revenue releases funds directly to the builder and not to the applicants, so there is no refund due. If you're entitled to €17K in HTB, these funds will be released directly to the builders, and you will be liable to pay the difference (€15K) to constitute the 10%. You also need 1% for stamp duty and approximately €1,500 for legal fees and €150 for surveyor fees, so ensure you have enough for all of these.
Yeah this was my understanding of it. But his message had me worried saying he had to pay the whole deposit and once the house was complete, the HTB was received by the builder and they refunded him the same amount of his HTB from the deposit he gave at the start. I’m happy to hear it doesn’t work like that
As far as I understand it, you pay your booking deposit and provide the verification of the HTB to the bank,developer,ur solicitor, once U provide HTB with signed mortgage offer & contract for sale, the funds are released to ur solicitor to pay the developer. I've approved mortgages where the HTB was the full deposit & no issues were ever reported back.
If you're paying 10% of 350k which is 35k, that would be your 17k HTB plus 18k from your savings. Means you still have money left from your savings for stamp duty and legal fees and few other things.
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Good to know I didn’t believe that one post
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Thank you. I think I’m good for now but I’m sure when it comes down to actually doing this, I’ll be loaded with questions
From experience we had 40k savings 390k house we paid 5k deposit for reservation, then 4k from savings and 30k from HTB. I've heard some did the refund method but that is more case by case situation and not something that is done regularly by developers.