Help to Buy Isa scandal: Breaking News

Gunther_Golf

Point of note re Crashy Time's post - The HTB scheme in Scotland is in place through to 2019.

It should also not be confused with the HTB ISA scheme which is being replaced in 2017 with the Lifetime ISA

magicpork

ruperts wrote: »

Which, unless I'm misunderstanding, is too late to put it towards the deposit. Meaning when it comes to raising a deposit, these products are useless.

only part of deposit are paid at exchange, and the remaining deposit are paid at completion.

kingstreet

Gunther_Golf wrote: »

Point of note re Crashy Time's post - The HTB scheme in Scotland is in place through to 2019

... and HTB Equity Loan in England runs until 2020.

The article is referring only to Help To Buy - Mortgage Guarantee.

kingstreet

http://www.moneysavingexpert.com/savings/help-to-buy-ISA

See 10, which has now been revised.

Gunther_Golf

Another Joe

Perhaps you can answer another question for me. It's probably worth pointing out i am resident in Scotland and will be buying a property here too. I note your comment of.....

"The default position is for the seller to ask for 10% for exchange deposit. Reminder, that's the "keeping you honest" deposit. Nothing to do with your lender."

As i have previous stated i am completely wet behind the ears as a FTB however i also note the following advice from the Money Advice Service website which reads.....

[FONT=&quot]https://www.moneyadviceservice.org.uk/en/articles/cost-timeline-for-buying-a-property-in-scotland[/FONT]

"After the conclusion of missives you may have to pay a holding deposit – typically £500-£1,000 – to secure the deal. It is not all that common to be required to pay this holding deposit as there are usually penalty fees in the contract to deter either party from backing out at this stage."

For any other Scots posting what is your experience of the holding deposit north of the border? Is this common and are the amounts above a good general guide or way wide or the mark either way?

Rosemary7391

Gunther_Golf wrote: »

Another Joe

Perhaps you can answer another question for me. It's probably worth pointing out i am resident in Scotland and will be buying a property here too. I note your comment of.....

"The default position is for the seller to ask for 10% for exchange deposit. Reminder, that's the "keeping you honest" deposit. Nothing to do with your lender."

As i have previous stated i am completely wet behind the ears as a FTB however i also note the following advice from the Money Advice Service website which reads.....

[FONT=&quot]https://www.moneyadviceservice.org.uk/en/articles/cost-timeline-for-buying-a-property-in-scotland[/FONT]

"After the conclusion of missives you may have to pay a holding deposit – typically £500-£1,000 – to secure the deal. It is not all that common to be required to pay this holding deposit as there are usually penalty fees in the contract to deter either party from backing out at this stage."

For any other Scots posting what is your experience of the holding deposit north of the border? Is this common and are the amounts above a good general guide or way wide or the mark either way?

Whoa, the system is very different in Scotland. There isn't such a thing as exchange up here. That could be where you're getting confused. I don't recall paying any sum of money in advance of transferring my entire deposit to the solicitors; I didn't have any gap between concluding missives and moving in so no need for a holding deposit.

Gunther_Golf

Rosemary

As suspected. Colleagues and friends have stated the same.

Thanks for the clarification.

molerat

You will also need to find a conveyancer / solicitor that knows what to do. I know someone whose solicitor told them that if they gave them the forms they would sign them, when told they need to do it they said we don't know anything about it !!

AnotherJoe

Gunther_Golf wrote: »

Another Joe

Perhaps you can answer another question for me. It's probably worth pointing out i am resident in Scotland and will be buying a property here too.

Not if you are in Scotland. Its a whole different country ! They do stuff differently there (and from what I read, in many respects, better)

ultimatedingbat

If anyone can give some proper advice this would be really helpful! Myselfand my husband have approx 4k in our HTB ISA's. That rounded us up to approx 5.5k including the bonus, but now we've been told that won't be included in the deposit, so we don't have 5.5k for the deposit, but it will be paid on completion, meaning it won't be able to be used for the deposit.
Also if we used the 4k for our deposit, then NO bonus will be paid as theres no money in the account therefore no bonus