Help to Buy for your New Home in Drogheda | Maydenhayes
The Purchasing Process with Maydenhayes
There are endless articles, posts and conflicting information regarding the Help to Buy Scheme, but how does it affect you and the purchase of your new home? Your mortgage is approved, you have decided to buy your house in Maydenhayes, but what happens next?
Step-by-Step Guide on Help to Buy Scheme
- You must go to the Revenue Online Website (ROS) and register for Help to Buy. See ROS Help to Buy Information Page
- Login or Create your Account, and fill in the relevant Help to Buy Paperwork online
- Once approved, you will be issued with a 6 digit Access Code, and a 9 digit alpha numeric Claim Number
- Revenue will then confirm with you the maximum amount you qualify for
- Once you have completed your mortgage application and you know how much you will receive from Help to Buy, you are now ready to choose your Maydenhayes new house.
What Happens Next?
Once you have made your selection and agreed the price, you place a booking deposit of €5,000 with the selling agent to secure your property. (This deposit is fully refundable until the final contracts are signed)
Now that you have paid your booking deposit, you then appoint a Solicitor of your choosing. You might like to contact Lucinda Shaw & Co Solicitors www.shawsolicitors.ie
Mornington New Homes Solicitor will then send your solicitor the contracts for your new house.
When you have signed your contacts, the deposit to be paid on the contract is 10% of the purchase price.
For example, lets assume you want to buy a house which is priced at €267,500 and you qualify for €15,000 from the Help to Buy Scheme.
The house price of €267,500 will require a down payment of 10% which is €26,750.
You have already paid the booking deposit of €5,000, so the balance due at this point is €21,750.
Help to Buy scheme will pay €15,000
This leaves the balance of €6,750 to be paid by you.
When the Outstanding Balance is paid and the Contracts are signed:
- Your solicitor will send the signed contracts to Mornington New Home Solicitor, for them to complete their signatures.
- The completed Contract is returned to your solicitor.
- Your solicitor will give you the signed contracts to upload to ROS website.
- Within approximately 3-4 working days, you will receive an updated Claim Reference Number (beginning with a C)
- This number must be sent to Mornington New Homes. They will claim the balance of the Help to Buy Deposit from Revenue. This is paid directly to Mornington New Homes bank account.
- Relax, and start planning your interior design
For more information on Mortgages or Financial Planning, please see our Financing Page