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H2B vs. housing deposit?
wanderlust23
Posts: 144 Forumite
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The 25% HTB bonus is seen by most as a massive advantage over other accounts but you're constrained by the £200 monthly limit so why not mix and match by continuing to feed the HTBs while maximising interest on the remainder?0
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Thank you for the advice, we are currently looking into savings accounts with decent interest rates for the remainder. We are looking to buy this time next year so wouldn't be able to get the max bonus from the H2B unfortunately. Wish we had opened it sooner!The 25% HTB bonus is seen by most as a massive advantage over other accounts but you're constrained by the £200 monthly limit so why not mix and match by continuing to feed the HTBs while maximising interest on the remainder?0 -
Skipton BS launch a cash LISA in June,0
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Done a little more reading around this but still quite confused...I was under the impression that the H2B ISA bonus couldn't be used towards the housing deposit. Is this correct? Is it the same for the LISA?0
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The term 'deposit' is used ambiguously and can refer to an advance sum paid at exchange of contracts or alternatively the difference between mortgage and purchase value, payable on completion. This is explained in more detail at http://www.moneysavingexpert.com/savings/help-to-buy-ISA#exchange but the HTB ISA bonus money must be used only at completion stage.
As per http://www.moneysavingexpert.com/savings/help-to-buy-ISA#lifetimeisa, the LISA is more flexible and can be used for either.0 -
Thank you for the information, it's slowly sinking in!The term 'deposit' is used ambiguously and can refer to an advance sum paid at exchange of contracts or alternatively the difference between mortgage and purchase value, payable on completion. This is explained in more detail at http://www.moneysavingexpert.com/savings/help-to-buy-ISA#exchange but the HTB ISA bonus money must be used only at completion stage.
As per http://www.moneysavingexpert.com/savings/help-to-buy-ISA#lifetimeisa, the LISA is more flexible and can be used for either.
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