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Help to Buy ISA Cannot be Used with Shared Ownership?
Short-n-Sweet
Posts: 7,130 Forumite
We have been saving in a Help to Buy ISA with the understand we could get the bonus and it be taken off the mortgage (we don't need the bonus for the deposit) today My Mortgage Broker and Solicitor is stating that you are not able or entitled to claim the bonus if you are buying the property via Shared Ownership.... 
With no real explanation and I am unable to find anything online which explains why all I can find is a loophole which left people disappointed as they wanted to use the ISA for a deposit. I found one website which states:
"Can I use a Help to Buy: ISA with Shared Ownership?
Yes, you can use your Help to Buy ISA when purchasing your home using the Shared Ownership scheme. This guide will explain how the Help to Buy: ISA works."
But this is Housing website so not an "official" source. It seems nobody has any idea what this Help to Buy ISA is actually for :rotfl: Just wondered if anyone had experienced it?
Confused as to what I should do or say as until now it had never been a problem. It's not a huge bonus as we opened the account fairly late because it all sounded abit strange (which is proving to be now) :rotfl:
With no real explanation and I am unable to find anything online which explains why all I can find is a loophole which left people disappointed as they wanted to use the ISA for a deposit. I found one website which states:
"Can I use a Help to Buy: ISA with Shared Ownership?
Yes, you can use your Help to Buy ISA when purchasing your home using the Shared Ownership scheme. This guide will explain how the Help to Buy: ISA works."
But this is Housing website so not an "official" source. It seems nobody has any idea what this Help to Buy ISA is actually for :rotfl: Just wondered if anyone had experienced it?
Confused as to what I should do or say as until now it had never been a problem. It's not a huge bonus as we opened the account fairly late because it all sounded abit strange (which is proving to be now) :rotfl:
Ask.. Believe.. Receive..
Every Accomplishment Starts With The Decision To Try
0
Comments
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I'm not sure about your "not so official" source but according to the horse's mouth,
"You can use the Help to Buy: ISA with other government schemes, including the Help to Buy: mortgage guarantee scheme, Help to Buy: Equity Loan scheme and Shared Ownership."
https://www.helptobuy.gov.uk/help-to-buy-isa/who-is-eligible/0 -
Thank you so much for that. I was looking in a rush and got myself in abit of a muddle must of totally missed that when looking on there!
You have no idea how much I appreciate it.
Now to try and figure out why they are both telling me I can't use it.Ask.. Believe.. Receive..
Every Accomplishment Starts With The Decision To Try0 -
Short-n-Sweet wrote: »Thank you so much for that. I was looking in a rush and got myself in abit of a muddle must of totally missed that when looking on there!
You have no idea how much I appreciate it.
Now to try and figure out why they are both telling me I can't use it.
That's a good question. Why not forward both of them the link and see what they have to say about it?0 -
I will be now as like you say that is from the horse's mouth!
Exactly what I needed.
Ask.. Believe.. Receive..
Every Accomplishment Starts With The Decision To Try0
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