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help to buy ISA

spider1111
spider1111 Posts: 7 Forumite
in Savings & investments
Hi all,
I have a question on the help to buy ISA. I have never had a mortgage and up until now I have just rented,so this would mean I qualify for this ISA. However, I recently inherited a house with my sister. 50/50. Does this mean I am no longer qualifying for this or does it go on if you have had a mortgage? I am keep on buying her out and keeping this house but getting the mortgage will be tight.

Thanks for any help on this

Comments

  • bowlhead99
    bowlhead99 Posts: 12,295 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Post of the Month
    If you own or have ever owned any property at home or abroad, you can't qualify for a HTB bonus.

    They are trying to help the people who want to get on the property ladder and have never been on it - not the people who are already on the property ladder and want to buy a bigger property, or who want to extend their ownership of an existing property, or the people who have been on the property ladder before and got off it for some reason.

    So you are out of luck. But fortunately you don't need £3k of free government handout money because unlike most first time buyer savers you already have thousands of pounds of equity in a property.
  • bigadaj
    bigadaj Posts: 11,531 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper
    bowlhead99 wrote: »
    If you own or have ever owned any property at home or abroad, you can't qualify for a HTB bonus.

    They are trying to help the people who want to get on the property ladder and have never been on it - not the people who are already on the property ladder and want to buy a bigger property, or who want to extend their ownership of an existing property, or the people who have been on the property ladder before and got off it for some reason.

    So you are out of luck. But fortunately you don't need £3k of free government handout money because unlike most first time buyer savers you already have thousands of pounds of equity in a property.

    How would it be determined if someone had previously owned a property outside the uk?
  • badger09
    badger09 Posts: 11,773 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    bigadaj wrote: »
    How would it be determined if someone had previously owned a property outside the uk?

    The 'First Time Buyer Declaration' asks the applicant to confirm that they haven't. Signing the Declaration if they had previously owned property outside UK would constitute application fraud:cool:.

    Obviously, HMRC doesn't check every application, but does have many sources of information;)
  • bigadaj
    bigadaj Posts: 11,531 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper
    badger09 wrote: »
    The 'First Time Buyer Declaration' asks the applicant to confirm that they haven't. Signing the Declaration if they had previously owned property outside UK would constitute application fraud:cool:.

    Obviously, HMRC doesn't check every application, but does have many sources of information;)

    So they can't.
  • MARTYM8`
    MARTYM8` Posts: 1,212 Forumite
    Eighth Anniversary 1,000 Posts
    bigadaj wrote: »
    How would it be determined if someone had previously owned a property outside the uk?

    They wont check and probably won't have the ability to check anyway - and are relying on people's honesty on this point as you have to sign an official declaration.

    Compared to the money laundering going in in relation to central London property purchases by overseas nationals - this is rather small beer. And the stamp duty to pay will often be more than the bonus. It probably won't be a priority area for HMRC - as the government will make a profit overall.
  • grey_gym_sock
    grey_gym_sock Posts: 4,508 Forumite
    MARTYM8` wrote: »
    Compared to the money laundering going in in relation to central London property purchases by overseas nationals - this is rather small beer.

    ignoring the big offenders, and going after the little people instead, sounds like typical HMRC behaviour to me.
  • Malthusian
    Malthusian Posts: 11,055 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    Agree with Grey Gym Sock. It would take five seconds on reading your social media posts to catch you out and get a salutary object lesson into the Daily Mail.
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