The new-build help-to-buy scheme pays the builder not the buyer?

[Amberleigh]

According to the revenue website, "The refund will be paid to the approved Developer/Contractor as part of the deposit required from the first-time buyer."

So does this mean that I can keep the 20k deposit I have saved?

The reason I'm asking here is that no-one I've asked (in AIB or EBS) knows how the HTB scheme works.

(First-time poster, so not allowed post link, but if you search for 'htb applicant guide' you'll see it under 'ftb applicants' section.)

 

[Yeatsman]

According to the revenue website, "The refund will be paid to the approved Developer/Contractor as part of the deposit required from the first-time buyer."

So does this mean that I can keep the 20k deposit I have saved?

The reason I'm asking here is that no-one I've asked (in AIB or EBS) knows how the HTB scheme works.

(First-time poster, so not allowed post link, but if you search for 'htb applicant guide' you'll see it under 'ftb applicants' section.)

If for example your house was going to cost 400k, so a 10% deposit is 40k.
You would need to put up 20k of your money and the revenue rebate would provide another 20k (assuming of course that you meet all the criteria)
Also you need to make sure that the builder is registered for the HTB scheme, currently not many are.

So in that example the refund of 20k goes to the developer with your 20k to meet the deposit requirement.