HTB ISA bonus cannot be used for initial deposit

ColdIron

Interesting article in the Telegraph, the government Help To Buy bonus will not be paid until after completion so cannot be used as part of the deposit at exchange

It's still a useful aid but could force a change of plan or delay for the unwary

http://www.telegraph.co.uk/news/2016/08/19/help-to-buy-isa-scandal-500000-first-time-buyers-told-scheme-can/

ses6jwg

Nonsense article. Read the comments.

jsinc

ColdIron wrote: »

Interesting article in the Telegraph, the government Help To Buy bonus will not be paid until after completion so cannot be used as part of the deposit at exchange

It's still a useful aid but could force a change of plan or delay for the unwary

http://www.telegraph.co.uk/news/2016/08/19/help-to-buy-isa-scandal-500000-first-time-buyers-told-scheme-can/

As it says on the website:
"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."
https://www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/