Help to Buy ISA - shared ownership situations

Mammar

My daughter has recently purchased (in the last 2 months) a shared ownership flat in London, purchasing the minimum amount of shares allowed but with an option to purchase more as funds allow.
Am I correct in assuming she has missed the boat on Help to Buy or would the scheme help her to save to purchase more shares?

VT82

I don't think enough details of the scheme have been released yet to know for sure. But my gut instinct would be to assume that she's too late. You'll be best off asking again in the autumn.

bowlhead99

I would hope she doesn't qualify. There are plenty of people who don't own 100% of a property (e.g., bought with partner or with spouse or with family or friends) and they are are no longer considered to be first time buyers if they acquire more of the property or a different property. So, you wouldn't expect them to get free money to help them out with the next tick up in ownership percentage, if any.

The scheme is not happening until Autumn but it is there as an incentive to get up to £3k when you save £9k over half a decade to get yourself on the property ladder. Not to apply retrospectively to people who already got on the ladder nine months before the product exists.

If it's any consolation her equity on a London property may well increase £3k in value over the five years it would have taken her to save and qualify for the bonus using the product. So compared to a renter she is already a winner. If her home instead decreases in value, the cost of buying the outstanding share will decrease, so she'll be a winner there instead.