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Help to Buy ISA query
Walshy252
Posts: 24 Forumite
Hi all
Posted originally in mortgages forum and now can't move the post to this board.
Hoping for some advice here. We are first time buyers looking at buying our first home. We are fortunate enough to have good salaries and have a decision in principle well over our ideal purchase price.
We were originally looking for property with a value of around £210k and therefore would benefit from the 25% bonus on each of our Help to Buy ISA (currently £2k extra on top of our deposit so a healthy sum). However we have viewed a property today that we have absolutely fell in love with, valued at offers over £250k so we would have to forgo the Help to Buy bonus as the purchase price is higher than the H2B limit. The vendors are moving abroad so all fittings and appliances are included in the price.
So we are currently deliberating over whether we love the house enough to lose out on our H2B bonus and max our budget. I am hoping for some advice on the following. Could we offer £250k for the house and include a term where we pay an additional £5-10k cash for furniture and appliances. Therefore our total offer to the vendor would be attractive but we would still benefit from the H2B bonus as our offer for the property is bang on the cap.
I'm sure someone will counter the above with why are we quibbling over the bonus which amounts to 0.1% of the homes value. But £2k is £2k and we might as well benefit if we can.
Many thanks for any advice
Posted originally in mortgages forum and now can't move the post to this board.
Hoping for some advice here. We are first time buyers looking at buying our first home. We are fortunate enough to have good salaries and have a decision in principle well over our ideal purchase price.
We were originally looking for property with a value of around £210k and therefore would benefit from the 25% bonus on each of our Help to Buy ISA (currently £2k extra on top of our deposit so a healthy sum). However we have viewed a property today that we have absolutely fell in love with, valued at offers over £250k so we would have to forgo the Help to Buy bonus as the purchase price is higher than the H2B limit. The vendors are moving abroad so all fittings and appliances are included in the price.
So we are currently deliberating over whether we love the house enough to lose out on our H2B bonus and max our budget. I am hoping for some advice on the following. Could we offer £250k for the house and include a term where we pay an additional £5-10k cash for furniture and appliances. Therefore our total offer to the vendor would be attractive but we would still benefit from the H2B bonus as our offer for the property is bang on the cap.
I'm sure someone will counter the above with why are we quibbling over the bonus which amounts to 0.1% of the homes value. But £2k is £2k and we might as well benefit if we can.
Many thanks for any advice
0
Comments
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You can apportion some of the purchase price to fixtures and fittings. Whether it can be as much as £10k is where the issue could be. The amount has to reflect the value of the items being left that would normally not be left. So they probably can't charge for things like carpets and kitchen units, unless they were planning on taking those with them.
I know this used to be a bit of a dodge for dealing with stamp duty so they did tighten it up.0
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