It Would Appear That The Help To Buy ISA "Bonus" Cannot Be Used For Your Deposit.

globalds

I think to be honest ..

It has more than likely caught out those people who thought stuffing £12,000 in the bank for a few years guaranteed them the bonus

A good place for the bank of Mom and Dad to rest their gift deposit

kinger101

Thrugelmir wrote: »

Are you happy for your taxes to fund housing benefit. I know the choice I'd make.

That's a false comparison. People on housing benefit have very little chance of saving a deposit to begin with. HB recipients and FTB are pretty much mutually exclusive groups.

MobileSaver

A_Medium_Size_Jock wrote: »

That is not what the article says;

Yes it does!

Forget the misinformation in the press article, read the actual government article in the link you provided:

Receive bonus: when you are close to buying your first home, you will need to instruct your solicitor or conveyancer to apply for your government bonus. Once they receive the government bonus, it will be added to the money you are putting towards your first home. The bonus must be included with the funds consolidated at the completion of the property transaction.

michaels

A_Medium_Size_Jock wrote: »

THAT is indeed what the (perceived?) problem is;


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

My question is whether the savers own funds in the H2B isa can be used for the exchange deposit, it seems fairly clear the govt bonus can not be. But does drawing the own funds from the h2b isa at exchange make the buyer ineligible for the h2b bonus on competition?