Incentive for First Time Buyers

The Help to Buy (HTB) incentive is a scheme for first-time property buyers. It will help you with the deposit you need to buy or build a new house or apartment.

The incentive will give you a refund of Income Tax and Deposit Interest Retention Tax (DIRT) that you paid in Ireland in the four years prior to making the application. The maximum payment is €20,000 per property. Under the enhanced HTB relief, which has been extended until 2021, where applicants satisfy certain conditions, increased relief is available up to a maximum of €30,000.

For the scheme to apply, the value of the property must be €500,000.00 or less and you must take out a mortgage on the property for at least 70% of the purchase value.

To be eligible under the scheme;

1. You must be a first-time buyer.

2. Buy or build a new property between 19 July 2016 and 31 December 2021.

3. You must live in the property as your main home for five years after you buy or build it.

4. You must be tax compliant, if you are self-assessed you must also have tax clearance.

If you are a first-time buyer and have any questions or require any assistance on the above, please contact Hannah at hclinton@mcgrathmcgrane.ie or on 01-8735012.

Contact McGrath McGrane

If you are thinking of engaging a lawyer, why not contact us today to see if we can assist? Any of our solicitors will be delighted to speak with you without obligation.

McGrath McGrane Solicitors

Phone: +353 (0) 1 873 5012

Fax: +353 (0) 1 873 5024

info@mcgrathmcgrane.ie

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