Closing help to buy ISA

nicole19922

Hi,

We had our offer accepted at the start of April. So far, we have returned initial paperwork to solicitor but not yet instructed them to complete searches as we are still waiting for the valuation report from the lender. The mortgage application has been underwritten so it's just waiting for the valuation now.

Myself and my partner both have help to buy isas - I know it takes a while to claim the bonus, so I don't know what to do with them - should I close them now even before we've instructed the solicitor? Or should I wait till mortgage offer is finalised and valuation has come back?

I don't even know what I need to do to close it properly :eek: I'm assuming we just get a letter or something? I don't want to do it all wrong and cause problems for the solicitor!

Thanks!

Ayslynne

Hi there

My partner and I have just gone through this process, we are in Scotland so buying process a bit different but we told our solicitor about the ISAs before we had our official full mortgage offer only because all we were waiting on was a refreshed home report and then the mortgage offer could be issued.

We had to go into the bank and close down the ISAs, the bank gave us each a closure letter which we then passed on to our solicitor. He then contacted the government to claim the bonus, got us to come in and sign some paper to declare we are first time buyers. He then received the bonus less than 5 working days after he sent back the declaration forms.

Hope this is helpful!