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SINN FÉIN FINANCE spokesperson Pearse Doherty has said that figures released on the recently-launched Help to Buy scheme show that more than two thirds of people who’ve successfully claimed so far could have afforded the 90% mortgage without the scheme’s help.
Minister for Finance Michael Noonan provided the figures in response to a written question from Doherty in the Dáil yesterday.
The Donegal TD added that early signs have shown that the scheme could turn into a “runaway cost”.
The scheme, which was announced in last year’s Budget, entitles those buying new-build or self-build homes valued up to €600,000 to claim a tax rebate of up to 5% of the value of the home up to €20,000.
The scheme is slated to cost the Exchequer around €50 million a year.
So far, 2,196 applicants have applied to the Help to Buy scheme since applications opened at the start of January.
“If all these applicants were successful and claimed the full €20,000 available,” Doherty said, “the scheme would have already cost €43.92 million. The Budget predicted a cost of €50 million this year and €40 million for the next years.”
In his answer, Noonan said that the budget estimates are unlikely to be overstepped.
He said: “The number of applications and claims for the incentive are too small to materially affect the previous estimated cost of the scheme.”
So far, 432 applications have been deemed successful.
Based on what Noonan referred to as the “finalised claims from successful applicants”, of which there are 134, just 40 of those had a loan-to-value ratio of 90%.
So, in effect, only 30% of the successful applicants who’ve finalised their claims so far put up just a 10% deposit when borrowing to buy their home.
In his budget speech announcing the measure, Noonan noted that supply increases to meet demand and said that the new scheme “will increase the demand for newly built houses by assisting first time buyers to put a deposit together”.
Doherty said that this figure meant that “70% of the people who have benefitted were in position to meet the deposit requirement without the help of the scheme”.
Applications are made through Revenue by registering on their website and going through an application process. The rebate will be claimed on either DIRT or income tax.
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If you dont like facebook, don’t use it.
Tony add me man!
Easier said than done, Tony.
Facebook… The CIA database for normal people.
Ya know, just in case you step out line..
Go back to sleep everyone. Everything is under control.
Read Facebook and eat crap and then get up for work. Again.
Regardless of Facebook’s policies, people should never forget it’s the internet. Don’t put up any content you would be embarrassed about if the whole world saw it.
They can add as much privacy rules as they like but considering the complexity of these rules it is very likely they’ll at least be flawed in some way, whether they’re misunderstood or have defects.
My problem with Facebook is that there are a lot of very nasty racist groups posting their hateful garbage on it, and to make matters worse they can turn off comments from anyone who disagrees with them so that it appears they have universal support
So do you think groups with distasteful opinions should be silenced, or that their views should be open to challenge and debate? If the former, I disagree, forcing opinions underground doesn’t make them go away; and if the latter, maybe, but would it really make much difference to anyone if you were to challenge the well researched opinions of Jimmy Joe Bob from Southern Alabama? Communication between like minded people has never been as easy as it is today thanks to the internet, yet racism has probably never been less prevalent in society. I’m not sure these things really pose as great a threat as is sometimes made out.
Totally disagree; ignorant, distasteful groups should be allowed to voice their ignorance as much as moderate opinion. Free speech is free speech; at least if everything is all out in the open these distasteful groups can be called on their ignorance.
@ Egg Head
Thank you for your well thought out and reasoned response.
I’m sorry, I did not make myself clear, no I don’t think they should be silenced,but I wonder if it’s a good idea that they should go unchallenged. A lot of impressionable young people read this tripe.
That comes down to parental responsibility, Pius. The Internet is fine as long as you’re able to differentiate between fact and opinionated BS. This knowledge should be imparted to the kids as well. They aren’t stupid; they learn quick enough that you shouldn’t believe everything you hear in the schoolyard or in the street. If they’re properly informed as to the reality that the Internet is largely the same then there’ll be no issue.
Obviously, there are exceptions to this, take the young ones on route to ISIS for example but largely it comes down to parental responsibility in my opinion. If you take the time to explain the reality to the kids there shouldn’t be too many problems.
What’s not to like?
If it was over here the guards would be called and your personal rights ignored, you’d be forced to be a Facebook member and if you complained you would go to jail.your fellow citizens would think this was fine and applaud the judiciary.
people will undoubtedly vent their anger… on Facebook- jesus wept :D
Hello!
Deleted my Facebook a month ago. Best thing I ever did. I don’t ever want to know that you are “going to bed now night peeps” makes me want to scream!
On Facebook you can report false/troll accounts and they do investigate & close the accounts.
Unlike twitter.
You can report twitter accounts ya mad yolk.
If you don’t like Facebook’s policies… DUH don’t use it… These privacy cranks are something else…..
Facebook is only usually used to point out flaws ect because it’s popular, the real truth is that any online account, profile, subject data or whatever is open for abuse as unfortunatly thats what people do, they take the good and turn it bad.
Facebook, although I don’t like it myself is/would be a great tool for social media but even at it’s best I’ve found it to be mainly “Maltesers and a hot chocolate for me to night” followed by loads of “likes” and me too’s (yes I have an account, just don’t use it)
The internet is probably the greatest thing from the twentieth century with the power of knowledge and good, yet probably 90% of it is now misinformation, information gathering & marketing and hatred.
Faceache
have your say