Michael McGrath (Cork South Central, Fianna Fail)
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86. To ask the Minister for Finance the number of persons that have applied to date for the first-time buyer help-to-buy scheme; the estimated value of those claims; the estimated cost of the scheme for 2017; and if he will make a statement on the matter. [26501/17]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy will be aware, there are two stages involved in the Help to Buy process. Stage 1 is the Application Stage, wherein prospective applicants can query whether they qualify for the incentive. They can also get clarity on the maximum amount of rebate they could potentially benefit from, based on their tax paid in a four-year period. Stage 2 is the Claims Stage, wherein applicants that decide to proceed with purchasing or building a qualifying property must provide documentary evidence of the relevant property transaction or their mortgage draw down.

As of Thursday 25 May 2017 Revenue has received 6,607 applications to Stage 1 of the Help to Buy incentive, of which 4,095 have been approved. However, it is possible that many of these applicants may never make a claim to Stage 2 for a variety of reasons. These could include individuals who, do not go on to obtain mortgage approval, who may decide to purchase a second-hand property, or who are not able to source the new home that they desire.

To date, 1,917 Stage 2 claims have been made, of which 1,376 have been approved. The total estimated cost of these claims to the Exchequer is €20.3 million, of which €10.1 million represents retrospective claims (in respect of the period 19 July to 31 December 2016). Given that the estimated cost for claims approved under the incentive for the first 5 months of 2017 comes to €10.2 million, my officials estimate that the cost of the incentive this year will largely be in line with the original estimate of €50 million.

HTB incentive statistics are updated regularly by the Revenue Commissioners and can be accessed on their website at: .