help 2 buy isa

ara07

We exchanged on a new build flat last month and therefore have already paid our deposit. The flat will not be completed until next June (6 ish months away). Does anybody know if we can use the HTB ISA to save for the stamp duty which will be due on completion? If my girlfriend and I both do it then we could end up getting a boost of over 1k to put towards the stamp duty.

King_Nothing

Flobberchops wrote: »

If you're buying a house with a partner you can each open a H2BISA and pool your cash but all the eligibility restrictions apply, so I believe you both need to be first-time buyers.

I don't think that is correct.

snowqueen555

King_Nothing wrote: »

I don't think that is correct.

http://www.moneysavingexpert.com/savings/help-to-buy-ISA

Help to Buy ISAs are for individuals, not couples, so you can open one even if your partner you're buying a home with isn't a first-time buyer. And if you're buying with another first-time buyer, you can both have a Help to Buy ISA.

xylophone

over the next 12 months, if you take out the HTB ISA in December, you can put £3,4000 into the HTB ISA.

As Victor Meldrew would say ......" I don't believe it!":)

eskbanker

King_Nothing wrote: »

I don't think that is correct.

snowqueen555 wrote: »

http://www.moneysavingexpert.com/savings/help-to-buy-ISA

Help to Buy ISAs are for individuals, not couples, so you can open one even if your partner you're buying a home with isn't a first-time buyer. And if you're buying with another first-time buyer, you can both have a Help to Buy ISA.

As well as MSE's opinion, the official government position also endorses this, it's question #1 in their FAQ document.

Archi_Bald

xylophone wrote: »

As Victor Meldrew would say ......" I don't believe it!":)

Not surprised, as Victor Meldrew is a bit of a plonker

Month 1: £1,000 + £200 = £1,200
Month 2-12 (11 months) = £200 x 11 = £2,200

Without using an abacus, Archimedes would have made £1,200 + £2,200 a total of £3,400.

jimjames

Archi_Bald wrote: »

Not surprised, as Victor Meldrew is a bit of a plonker

Month 1: £1,000 + £200 = £1,200
Month 2-12 (11 months) = £200 x 11 = £2,200

Without using an abacus, Archimedes would have made £1,200 + £2,200 a total of £3,400.

It's still less than £34000, maybe Archimedes needed his abacus after all

Archi_Bald wrote: »

over the next 12 months, if you take out the HTB ISA in December, you can put £3,4000 into the HTB ISA. .

eskbanker

Archi_Bald wrote: »

Not surprised, as Victor Meldrew is a bit of a plonker

Month 1: £1,000 + £200 = £1,200
Month 2-12 (11 months) = £200 x 11 = £2,200

Without using an abacus, Archimedes would have made £1,200 + £2,200 a total of £3,400.

So how would Archimedes (or Victor Meldrew) get another £30,600 in there?!

Archi_Bald

eskbanker wrote: »

So how would Archimedes (or Victor Meldrew) get another £30,600 in there?!

Dunno, you got to ask him

MARTYM8`

ara07 wrote: »

We exchanged on a new build flat last month and therefore have already paid our deposit. The flat will not be completed until next June (6 ish months away). Does anybody know if we can use the HTB ISA to save for the stamp duty which will be due on completion? If my girlfriend and I both do it then we could end up getting a boost of over 1k to put towards the stamp duty.

You cannot use the help to buy ISA to fund stamp duty costs or other incidental costs - only to reduce your mortgage (i.e. effectively increasing your deposit).

https://www.gov.uk/government/news/help-to-buy-isa-6-things-you-might-not-know

When you say you have paid your deposit is that just the reservation and upfront payment?

If you haven't completed its possible you may be able to use the scheme. Perhaps best to ask your solicitor as they claim any bonus for you as to whether you might be eligible.

Over 6 months you could pay as much as £2,200 into a help to buy ISA and therefore get a bonus of £550 - so no harm asking!