Thinking of buying a new build in Ireland with the Help to Buy scheme and wanted to sanity-check a risk I hadn’t fully appreciated at first.
Example: €500k new build, €30k from the Help to Buy scheme, €20k deposit upfront. I sign the legally biding contract within 21 days… but the house might not be ready (and mortgage drawn) for another 6 months.
If something changes in my situation (e.g. job loss, layoffs) before drawdown, the bank can refuse the mortgage even if I had signed a loan offer? At that point, I’m still legally bound to complete the purchase…
In that case I’ll lose my €20k deposit and Revenue can ask back the €30k Help to Buy (since the purchase didn’t complete)?
Meaning that for 6 months I’ll be exposed to lose 50k, even if the situation (like layoffs) is not in my control.
Am I understanding this correctly? Has anyone experienced a developer being flexible (e.g. delays if you change jobs)?
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