We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Help to buy bonus
Options
DaviesC
Posts: 1 Newbie
We are currently saving for a deposit for our first house, and we were planning on using the governments help to buy isa scheme, however reading the small print it states:
The Help to Buy: ISA bonus must be claimed on your behalf by a solicitor or conveyancer in anticipation of the completion date. The bonus must be included with the funds consolidated at the completion of the property transaction. The bonus cannot be used for the deposit due at the exchange of contracts, to pay for solicitor's, estate agent’s fees or any other indirect costs associated with buying a home.
Reading this, we are not able to use the bonus for the initial house deposit, and when it refers to funds consolidated, I'm guessing that it refers to the funds (our mortgage) paid out to the seller. But the mortgage we have agreed in principal is one with the Halifax that doesn't allow for overpayments - can we still use the help to buy isa with this type of product?
The Help to Buy: ISA bonus must be claimed on your behalf by a solicitor or conveyancer in anticipation of the completion date. The bonus must be included with the funds consolidated at the completion of the property transaction. The bonus cannot be used for the deposit due at the exchange of contracts, to pay for solicitor's, estate agent’s fees or any other indirect costs associated with buying a home.
Reading this, we are not able to use the bonus for the initial house deposit, and when it refers to funds consolidated, I'm guessing that it refers to the funds (our mortgage) paid out to the seller. But the mortgage we have agreed in principal is one with the Halifax that doesn't allow for overpayments - can we still use the help to buy isa with this type of product?
0
Comments
-
What has any of that got to do with overpayments?
At Exchange of Contracts you have to pay the normal 10% deposit (or less by agreement with the seller). You will need to find the cash for this.
The remaining 90% which is paid at Completion is a consolidated combination of
* your mortage
* the Help To Buy bonus
* any other cash you are putting in
Alternatively, if you Exchange Contracts and Complete on the same day (less usual, more stressful, but possible), then you will pay the full 100% purchase price on the day, from the consolidated
* mortage
* Help To Buy bonus
* any other cash you are putting in0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards