Over 700 Mayo home buyers used Help to Buy scheme

The Minster for Finance, Paschal Donohoe, has revealed to the Oireachtas that 773 claims have been approved for homebuyers in Mayo between the start of January in 2020 and May 23 of this year. There were 1402 people associated with these claims.

The scheme has paid out €995.8 million nationally in this period, with nearly forty thousand claims being approved. 

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The Help to Buy scheme is open to first time buyers who are either purchasing a new build property or have undertaken a self-build home. 

The scheme works by giving a refund of the income tax and Deposit Interest Retention Tax (DIRT) you have paid in Ireland for the 4 years before the year you apply.

You can claim relief on the lesser of €30,000, Relief of up to 10 percent of purchase price, or 10 percent of approved valuation. 

The cost of the property must be under €500,000 and applicants must live in the property as their home for at least 5 years from the date that it is habitable.

If you do not live in the property for the full five years, you must repay a portion of the Help to Buy scheme back, depending on how long you lived in the house.