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Help to Buy ISA guide
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I have a quick question regarding letting out a property I've bought whilst using the Help to Buy ISA.
For example, I use the Help to Buy ISA and save £12000 and then get the state bonus of £3000 on top, leaving me with £15000. I then buy a flat and live in it for say two years and decide I want to let the property out whilst I work abroad, am I allowed to do this under the rules of the Help to Buy ISA as technically it's a regular mortgage and not a buy to let mortgage? (I'll inform the mortgage company also that I'm doing this). If I won't be able to let it out using the Help to Buy ISA, what savings account would you recommend?
Also can you only use the Help to Buy ISA as a form of deposit for the property? Or can you add say savings not in an ISA to the deposit of a property aswell? (Sorry only recently became an adult, all a bit new to me)
Thanks in Advance0 -
If your mortgage company agrees, you can let it out.0
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Question for any expert to answer:
If one has already got a buy-to-let mortgage on a property but want to save for their own home, can he/she qualify for this type of ISA?
Thanks for your input.0 -
Hi,
Might be an answered query already, but I'll still ask:
I currently live on rent and I would wish to buy a house in the future. If I invest in a Help To Buy ISA, earning say 4% (Halifax or Santander), but a year down the line, my priorities change and I won't be able to buy a house anytime soon; in this case, can I close my HTB ISA? and will I earn the 4% interest on the amount I've invested? (I know I won't get the 25% bonus). #help
Carl.0 -
Hi,
Might be an answered query already, but I'll still ask:
I currently live on rent and I would wish to buy a house in the future. If I invest in a Help To Buy ISA, earning say 4% (Halifax or Santander), but a year down the line, my priorities change and I won't be able to buy a house anytime soon; in this case, can I close my HTB ISA? and will I earn the 4% interest on the amount I've invested? (I know I won't get the 25% bonus). #help
Carl.
Yes you can do this - you'll get the interest but not the bonus.0 -
Question for any expert to answer:
If one has already got a buy-to-let mortgage on a property but want to save for their own home, can he/she qualify for this type of ISA?
Thanks for your input.
No, as they don't meet the criteria of "must be a first time buyer, and not own a property anywhere in the world".
The declarations which the buyer needs to complete state "I do not own, and never have owned, any interest in land, whether in the United
Kingdom or elsewhere"0 -
You can put in a maximum of £1200 in the first month then £200 per month thereafter. You don't need to. You then get a 25% bonus on the closing balance when you buy a house (up to a maximum of a £3000 bonus).0
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Amy_Braganca wrote: »Can i put in more than the £200 per month? Or a large lumpsum when i want to buy to bump up the % i will receive?
You can put in a maximum of £1200 in the first month then £200 per month thereafter. You don't need to. You then get a 25% bonus on the closing balance when you buy a house (up to a maximum of a £3000 bonus).
Can I be any clearer?0
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