H2b isa

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  • kingstreet
    kingstreet Posts: 38,754 Forumite
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    No.

    If you are putting down 10%, you would need to give your solicitor £15,000 which cannot include the ISA bonus.

    You then get the ISA bonus at completion.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Saga
    Saga Posts: 302 Forumite
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    Sorry for hijacking this thread, but may I ask: is the government bonus 25% based on the total in the HTB Isa (i.e. including any interest accrued) or only on the total deposited?
    ---
    100% debt-free!
  • katebl
    katebl Posts: 637 Forumite
    Saga wrote: »
    Sorry for hijacking this thread, but may I ask: is the government bonus 25% based on the total in the HTB Isa (i.e. including any interest accrued) or only on the total deposited?

    It gets paid on the whole amount in there so interest + deposit :beer:
  • Saga
    Saga Posts: 302 Forumite
    First Anniversary Name Dropper First Post
    katebl wrote: »
    It gets paid on the whole amount in there so interest + deposit :beer:
    Thanks. That's why I'm so confused: the government site says "The maximum government bonus you can receive is £3,000", which would suggest the 25% cannot be paid on any interest?
    ---
    100% debt-free!
  • katebl
    katebl Posts: 637 Forumite
    The FAQ on the same site says interest earned still gets the bonus on top - just means you'LL get to the maximum bonus slightly quicker!
  • Saga
    Saga Posts: 302 Forumite
    First Anniversary Name Dropper First Post
    Of course. Duh! Thanks!!
    ---
    100% debt-free!
  • HGW2012
    HGW2012 Posts: 95 Forumite
    kingstreet wrote: »
    No.

    If you are putting down 10%, you would need to give your solicitor £15,000 which cannot include the ISA bonus.

    You then get the ISA bonus at completion.

    But then including my bonus I will be paying more than 10%

    What if I can only afford 10% including my H2B bonus? What happens then?
  • kingstreet
    kingstreet Posts: 38,754 Forumite
    First Anniversary Name Dropper Photogenic First Post
    No. The bonus will go into the pool to pay your fees, or be refunded to you by your solicitor.

    The bonus can't be part of the deposit you hand over ahead of exchange of contracts and it never has been. Suggest speaking to your solicitor about this.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • HGW2012
    HGW2012 Posts: 95 Forumite
    kingstreet wrote: »
    No. The bonus will go into the pool to pay your fees, or be refunded to you by your solicitor.

    The bonus can't be part of the deposit you hand over ahead of exchange of contracts and it never has been. Suggest speaking to your solicitor about this.
    Ahh I see so it just goes into the pot and we will be refunded any surplus

    Thank you, will speak to our solicitor
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