Gerald Nash
Question:239. Deputy Ged Nash asked the Minister for Finance the number of help-to-buy scheme claims that have been rejected since its inception; and if he will make a statement on the matter. [7304/22]
View answerThursday, 10 February 2022
Questions (239)
Written answers
The Help to Buy (HTB) scheme is an incentive for first-time property purchasers to help with the deposit needed to purchase or self-build a new house or apartment as a home. To date, the scheme has provided over €560 million to first time buyers in respect of more than 30,000 eligible claims.
I am advised by Revenue that the scheme operates through an online system that includes three distinct stages, application stage, claim stage and verification stage. Once an application is made and approved on the system, the person/s must complete the claim stage within a specified timeline.
Where the timeline is not met, the application is automatically cancelled. However, this is not a rejection and does not prevent the person/s from reapplying if they meet the eligibility criteria for the HTB. To date, Revenue has received approximately 110,000 applications for the scheme.
Once a valid claim is received, the information is made available (electronically) to HTB approved third party contractors (when purchasing a property) or solicitors (when self-building a property) for verification. Once verified by the relevant third party, the claim is paid. If the claim is rejected by the relevant third-party, then no payment is made. Revenue has confirmed that just over 350 rejections have occurred since commencement of the scheme to end 2021.