We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Help to Buy ISA Bonus - Land Purchase
BLB1987666
Posts: 3 Newbie
in Credit cards
Hi,
Have recently opened a Help To Buy ISA and looking to use it (including the 25% bonus) as a contribution along with other savings to purhase a plot of land and self-build a house.
The GOV website states the HTB ISA and bonus CAN be used to purhcase land but not the construction costs to build a house if land is already owned. I am aware I need to find a self-build mortgage provider, however my question is: If I am to purhcase the land from a family member for a nominal sum (say its MV is £100k but they choose to sell it to me for £1k) could I use the HTB ISA and be eligable for the 25% bonus if I apply for a mortgage to cover the purchase of the land and the construction costs together?
If I was gifted the land I would technically own it already and wouldn't get the benefit of the HTB ISA bonus. Therefore I am trying to find away to make use of the bonus. I have asked my HTB ISA provider and they couldn't answer the question, neither could their in-house mortgage advisers (after 45mins on the phone turns out they don't provide mortgages on self-build anyway!).
Have recently opened a Help To Buy ISA and looking to use it (including the 25% bonus) as a contribution along with other savings to purhase a plot of land and self-build a house.
The GOV website states the HTB ISA and bonus CAN be used to purhcase land but not the construction costs to build a house if land is already owned. I am aware I need to find a self-build mortgage provider, however my question is: If I am to purhcase the land from a family member for a nominal sum (say its MV is £100k but they choose to sell it to me for £1k) could I use the HTB ISA and be eligable for the 25% bonus if I apply for a mortgage to cover the purchase of the land and the construction costs together?
If I was gifted the land I would technically own it already and wouldn't get the benefit of the HTB ISA bonus. Therefore I am trying to find away to make use of the bonus. I have asked my HTB ISA provider and they couldn't answer the question, neither could their in-house mortgage advisers (after 45mins on the phone turns out they don't provide mortgages on self-build anyway!).
0
Comments
-
Better to post on the mortgages board. You'll never get a credit card with a high enough limit for a house.
(Unless you're buying in Sunderland.)0 -
Got ya, First time user. Will delete and repost. Thanks0
This discussion has been closed.
Categories
- All Categories
- 346.1K Banking & Borrowing
- 251.1K Reduce Debt & Boost Income
- 451.1K Spending & Discounts
- 238.1K Work, Benefits & Business
- 613.2K Mortgages, Homes & Bills
- 174.5K Life & Family
- 251.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards