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Help to buy ISA bonus query
Guybrush1987
Posts: 4 Newbie
Hi, the forums have been a great help and provided lots of useful information in helping us in our way to buy our first home. I am wondering if any one knows how the help to buy ISA bonus is paid all information i can find seems to be how to use it toward a deposit but we have that covered, i was querying if this is transferred to us after completion and can then be used towards home improvements?
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Comments
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No, it can only be used for the mortgage deposit (NOT the deposit paid at exchange, a common misconception).
However if you have, for example, £20k of your own money to pay towards the house and your bonus will be £1.5k, then you can transfer £18.5k to your solicitor, use the £1.5k bonus to bring it up to £20k, and keep the £1.5k of your own money.
You can't claim the bonus after completion, it has to be done before you complete. However I will say that we got the money within a week once the paperwork was submitted by our solicitor so there was a decent turnaround."You won't bloom until you're planted" - Graffiti spotted in Newcastle.
Always try to be nice, but never fail to be kind - Doctor Who
Total mortgage overpayments 2017 - 2024 - £8945.62!0 -
Thank you for a quick response to complicate it though we need an £8500 deposit of which just over £8000 is in the isa's0
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