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Property over 250,000 but only H2B in place

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Kajmaniek18
Kajmaniek18 Posts: 5 Forumite
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in House buying, renting & selling
After reading Martin's email alert this morning I'm a bit confused about what to do regarding my Help to Buy ISA. Only yesterday my husband and I picked a property we wanted to buy, but it is worth 265,000 and is in Berkshire. Our offer was accepted. Then I realized we will get nothing from the Help to buy because the property's value is over 250,000. When I got the email from Martin I thought there is a hope I will get something from the ISA scheme if I switch within next few days. Is that correct? I have set up Help to Buy ISA in November last year.

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  • silvercar
    silvercar Posts: 46,962 Ambassador
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    Martin's main guide on LISA vs HTB can be found here.

    You are correct that a LISA can be used on purchases up to £450k. There are other rules that may thwart you, in particular you have to have held your LISA for a year to get the bonus.
    I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, mortgages and student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • Lolly88
    Lolly88 Posts: 322 Forumite
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    Don't switch because not only will you not receive a bonus, you will also incur a penalty from withdrawing your money from the LISA before the 1 year anniversary of the account opening. There's no bonus available to you in your current position.
    Homeowner
    :j
  • Kajmaniek18
    Kajmaniek18 Posts: 5 Forumite
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    Thank you for all your answers.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    https://www.ft.com/content/633f5bc4-1e2b-11e8-956a-43db76e69936
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