Mortgage (12)

Oct 14, 2016 6:18 AM CST Mortgage
How about the help to buy scheme for first time buyers? how it will work? Anyone knows the process.
Oct 14, 2016 9:20 AM CST Mortgage
OgGoDeo
OgGoDeoOgGoDeogalway, Galway Ireland19 Threads 248 Posts
theyogalover: How about the help to buy scheme for first time buyers? how it will work? Anyone knows the process.
....From what I understand First Time Buyers can claim a rebate of income tax paid over the 4 year's prior to buying a house....up to a maximum of €20k......this can then be used to help fund the deposit needed before getting a mortgage.....only available when purchasing a New Build.......
Oct 14, 2016 1:18 PM CST Mortgage
johnjjm
johnjjmjohnjjmco westmeath0000, Westmeath Ireland562 Posts
OgGoDeo: ....From what I understand First Time Buyers can claim a rebate of income tax paid over the 4 year's prior to buying a house....up to a maximum of €20k......this can then be used to help fund the deposit needed before getting a mortgage.....only available when purchasing a New Build.......
yeah think bein available to only new builds stinks of more croonie developers and more bent politicians seennthis kinda thinh in past
Oct 14, 2016 1:37 PM CST Mortgage
thelad2007
thelad2007thelad2007Waterford, Ireland645 Posts
johnjjm: yeah think bein available to only new builds stinks of more croonie developers and more bent politicians seennthis kinda thinh in past


thumbs up
Oct 14, 2016 2:21 PM CST Mortgage
OgGoDeo
OgGoDeoOgGoDeogalway, Galway Ireland19 Threads 248 Posts
johnjjm: yeah think bein available to only new builds stinks of more croonie developers and more bent politicians seennthis kinda thinh in past
...yes indeed John....it is laughable to think that there are 230,000 vacant properties in Ireland....most Developers were given permission to build as many houses as the wanted to in areas where there was not enough employment which would encourage people to want to live there....and now they are trying to encourage Developers to start again......not a mention of trying to create employment in places where these empty houses already exist.....
Oct 14, 2016 2:25 PM CST Mortgage
unlaoised
unlaoisedunlaoisedTwilight zone, Wicklow Ireland34 Threads 12,152 Posts
In response to: How about the help to buy scheme for first time buyers? how it will work? Anyone knows the process.


Oct 14, 2016 5:14 PM CST Mortgage
johnjjm
johnjjmjohnjjmco westmeath0000, Westmeath Ireland562 Posts
OgGoDeo: ...yes indeed John....it is laughable to think that there are 230,000 vacant properties in Ireland....most Developers were given permission to build as many houses as the wanted to in areas where there was not enough employment which would encourage people to want to live there....and now they are trying to encourage Developers to start again......not a mention of trying to create employment in places where these empty houses already exist.....
yeah I remember before schemes brought in to help first time buyers and was like this if that's right restricted to new builds as if there not enough empty houses all in wrong places and now all again
Oct 14, 2016 5:30 PM CST Mortgage
mollybaby
mollybabymollybabyCork City, Cork Ireland56 Threads 8 Polls 23,608 Posts
johnjjm: yep are starting the same carry on again .hear people talking about prices again is for vested interests their still way to expensive


It was all because the poor developers said it wasn't worth their while building houses, the profit margin was too low.

I don't remember them ever complaining that the profit margin was too high during the boom.
Oct 16, 2016 3:26 AM CST Mortgage
Glad I bought my place 2 years ago when prices were rock bottomdancing
Oct 16, 2016 4:46 AM CST Mortgage
tanpal
tanpaltanpalDublin, Ireland7 Threads 13 Posts
Yeap, Just within week, the price just went upto +20K, WTF :)
Oct 16, 2016 7:07 AM CST Mortgage
StarOfWars
StarOfWarsStarOfWarsSouth West, Cork Ireland377 Posts
tanpal: Yeap, Just within week, the price just went upto +20K, WTF :)


If the scheme is meant to improve newly constructed house sales by giving a €20K incentive to only first time buyers...

... and the price of all new homes goes up by that amount...

... won't non-first time buyers be penalised by €20K and thus be less likely to buy ...

... thus making the scheme useless?


Who would have thought - the government coming up with a useless idea, which is funded by money stolen from taxpayers? I suppose they have to appear to be doing something so people will keep believing we couldn't run our lives without them doh
Oct 16, 2016 5:30 PM CST Mortgage
Yeats1980
Yeats1980Yeats1980Galway, Ireland2 Threads 1 Polls 218 Posts
Just a couple of points.
The housing market has not recovered since the crash. You see that everyday with the level of rents and numbers of homeless people. Macroprudential regulations have even made it harder to buy a house. People are shouting for government to sort this. Well, now they have introduced an incentive for private house building while also increasing funding for social house building. What exactly are the issues with this?
The argument rests on the way they have done this? The scheme increases demand, which increases price which increases supply. It is targeted specifically to first time buyers and within a certain price range. This ensures that a housing price bubble is unlikely...Price increases will be likely in this range though
Will this mean that if 20000 is added to a house price, then the scheme is actually useless? No, because the deposit is based as a peerage of the total...so someone who is faced with the full 20000 increase will actually only have to come up with small percentage of this before receiving the rebate.
McWilliams argues that all the good work of the last 5 years is unwound by this? McWilliams suffers from bubblietis. He has clearly not thought through the implications for our society from the overly restrictive Central Bank macroprudential policy. It is fine for McWilliams to argue from a position where he will never have to face the issues facing young people trying to buy a home these days. We all don't have Mammies and Daddies that will subsidise us...McWilliams should stick to marketing and f--k off....
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