Help to Buy ISA - Recourse to Public Funds?

latte303

I am currently on a Tier 2 work visa and one of the conditions attached to my visa is 'no recourse to publci funds'. I am hoping to open a Help to Buy ISA with my bank and was wondering whether this would constitute as public funds?

Help would be much appreciated!

bowlhead99

Public funds relates to a range of non-contributory welfare benefits. The HTB bonus is not a welfare benefit.

To get the bonus you need to be a UK resident but you don't need to be a UK citizen or have indefinite leave to remain. However as a practical point, if you only have a work visa with a couple of years left on it, you may find it difficult to get a mortgage to buy a property, as typically this is a 20+ year commitment for a first-time buyer and a bank is going to be reluctant to lend to someone on 20+ year repayment terms for a residential mortgage if they might not be able to reside in the property or work in the UK after the first couple of years. And the HTB bonus is not available to someone buying a property outright for cash, it is only available if you are getting a mortgage.