Help to buy and Lifetime ISA if you self build

OilyFingers

Hi.
Appologies if this has been asked but do you still get the government bonus if you build your own house? I don't like modern box houses as they are made of cardboard, aren't sustainable and have tiny Windows. My plan is to self build, once I find a suitable plot, a sustainable, energy efficient and architecturally interesting house with large windows and preferably timber construction. Modern developments don't do anything for me as my experience is they are designed to maximise profit over design and living quality. I've no interest in paying £200,000 for a house that's identical to 400 others and has a two foot by 2.5 foot living room windows. The question is if I open an FTB type ISA will I be throwing it into a black hole?

Thanks in advance

Flobberchops

Sadly I have no idea but I'll be monitoring this thread as this is a route I'd be interested in taking too.

In the interim a HTB ISA is probably worth it just for the decent interest rate, but getting the bonus would be fantastic.

diamonds

OilyFingers wrote: »

Hi.
Appologies if this has been asked but do you still get the government bonus if you build your own house? I don't like modern box houses as they are made of cardboard, aren't sustainable and have tiny Windows. My plan is to self build, once I find a suitable plot, a sustainable, energy efficient and architecturally interesting house with large windows and preferably timber construction. Modern developments don't do anything for me as my experience is they are designed to maximise profit over design and living quality. I've no interest in paying £200,000 for a house that's identical to 400 others and has a two foot by 2.5 foot living room windows. The question is if I open an FTB type ISA will I be throwing it into a black hole?

Thanks in advance

As long as you are mortgaged and 1st time buyer, which buying land and/or a new build mortgage that would entail, I would think so.

OilyFingers

Ahh, you say this but under the old help to buy rules you had to buy one of those god awful new builds. I think a lot of these new ideas are designed to pander to the large developers such as reducing the minimum space in a house to 3/4 what they were before the blitz never mind after when they were made bigger still and they annoying one on Windows that I keep banging on about. If you built a house in 1950 the Windows had to be 1.5 times the size they are today but bricks are cheaper so there. Being a craftsman by trade and not being too fussed about living in a caravan for a couple of years I may be able to build by being savvy with money and clever with materials so may not need a mortgage. May need a restraining order when telling the OH why the garage got built first though, LOL.

Even so it would be nice to have a solid answer. Because the £6k from Osborne would come in handy for the roof.

bigadaj

Probably little point asking on the forum, I'd go back and read through the primary legislation, looking for things that aren't said as much as are. That, backed up with any hmrc or government guidance documents would be your best sources, even going to a specialist lawyer or surveyor may not work as its a niche question and by the time they take their fees then there wouldn't be much of the incentive left for your roof.