The Help to Buy is a tax rebate scheme provided by the Irish Government. The scheme is aimed at first-time buyers and will help you with the deposit you need to buy a newly built house or apartment.
The amount that you can claim is up to €30,000 or 10% of the property value (whichever is less) and it depends on how much income and Deposit Interest Retention Tax (DIRT) you have paid over the last 4 years.
To avail of the Help to Buy, you must take out a mortgage of at least 70% of the property value and you must live in the property as your main residence for at least 5 years. Only newly built properties up to the value of €500,000 qualify for the scheme.
Now that you know how the Help to Buy scheme works, let’s see how it can work for you. Let’s imagine you and your partner have found your dream house worth €400,000 and have a combined salary of €90,000.
With a contribution of €30,000 from the Help to Buy scheme, and a cash deposit of €10,000, your monthly mortgage repayment (stretched out over 35 years at an interest rate of 4%) will come in at approximately €1,594.
Prices and figures could change based on individual circumstances and eligibility criteria. All figures are for illustrative purposes only.
Your new Glenveagh home can be more affordable and achievable thanks to the Government schemes available to you.
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