Help to Buy ISA guide

masonic

Meesa-ISA wrote: »

Update on this: I just logged on to online banking as I was about to call Halifax, and I now see that my balance has been reduced to £1,200 via a transaction to 'HTB REPAIR' of the excess. I expect to see this in my cash ISA next week, though there's no sign of it yet. I now don't see the need for me to take any action unless this money doesn't turn up anywhere else!

Thanks, though.

At least someone at Halifax is awake.

Lisamcee

I had been paying into my help to buy isa since it started in December. In March we had our offer accepted on our first house and had a completion date of 6th of may, 8 full weeks. The start of april I closed my HTB ISA and gave my solicitor the relevant documents which gave her around 3-4weeks to apply for the bonus and for it to be released. We did not receive the bonus on time for the completed sale and had to pay the extra £500 the bonus should have covered. The solicitor assured us she would sort this. Now it's been 9 weeks since the sale, she says she'll try sort this but sent us an email with some of the terms explaining the bonus must be used for the sale. Now we are 99% sure that we are now £500 down due to 'teething' problems from the first bonus releasements? Does anyone have any advice on this or is it a lost cause for sure 😔
Would appreciate any advice thanks

masonic

Lisamcee wrote: »

Does anyone have any advice on this or is it a lost cause for sure 😔
Would appreciate any advice thanks

You may have a compensation claim against your solicitor if they did not follow the correct process or did not do so in a timely manner. The bonus should have been received on time if it was applied for at least 5 working days before completion.

Danny_Zuko

Can a help to buy isa be used for building a house? I have a site and will be getting a mortgage to build so was wondering if I'd get 25% of savings on that mortgage?

masonic

Danny_Zuko wrote: »

Can a help to buy isa be used for building a house? I have a site and will be getting a mortgage to build so was wondering if I'd get 25% of savings on that mortgage?

Self-build with a mortgage would qualify.

rd07

When I bought my first house, my girlfriend moved in with me but the house/mortgage were solely in my name. We are now married but the house/mortgage is still in my name only..

We are probably looking at moving in the next 12-24 months so wondered if my wife would be eligible for this scheme. Clearly she is a first time buyer as her name has never been on the deeds/mortgage, however, when we moved in together, we signed a declaration of trust outlining split of proceeds if we separated as I put down the whole deposit, we are now married and have wills written in which the property is obviously mentioned.

Looking at the Help to Buy T&Cs I'm assuming the following statement will preclude my wife from applying for this but would welcome other's thoughts -

2) do not own, and never have owned any interest in land, whether in the United Kingdom or
elsewhere, which:
(A) is:
(i) in England or Wales:
(a) freehold;
(b) leasehold, where the lease was originally granted for a term certain exceeding 21
years; or
(c) commonhold; or

eskbanker

rd07 wrote: »

when we moved in together, we signed a declaration of trust outlining split of proceeds if we separated as I put down the whole deposit, we are now married and have wills written in which the property is obviously mentioned.

Personally I don't see either of these as being classified as 'owning an interest' in a property if she isn't on the mortgage or deeds - surely if the house is legally yours then it can't be relevant in her will?

BazSaver

The mortgage on our house is in my wife name and I also am not on the title deeds.
Can I use the help to buy ISA if we were to remortgage the house and add my name on to the title deeds as part of the process?

Floglet

Hi

With the HtoB ISA I know that the bonus paid by the government must be spent on the mortgage. However I was wondering if there are restrictions on where you can use the savings in the HtoB ISA? e.g. if I have saved £10,000, I will receive £2,500 to go towards the mortgage but can I then use the £10,000 to go towards my deposit for the house?

Thank you for your help!

MARTYM8`

Floglet wrote: »

Hi

With the HtoB ISA I know that the bonus paid by the government must be spent on the mortgage. However I was wondering if there are restrictions on where you can use the savings in the HtoB ISA? e.g. if I have saved £10,000, I will receive £2,500 to go towards the mortgage but can I then use the £10,000 to go towards my deposit for the house?

Thank you for your help!

Yes - you can use your own £10,000 in your HTB isa once it is closed for the deposit.

But be careful with the timescales and make sure you use a solicitor signed up for the scheme.

However if you start now it will take you over 3.5 years to build up £10k in your HTB ISA - so it might be worth looking at the new lifetime isa from next April as this is more flexible (assuming you are under 40).