Help to buy isa - >£250,000

Michael_Hobson

Me and my girlfriend are lucky enough to purchase our a home which is slightly greater than the £250,000 help to buy ISA limit (outside London). My girlfriend currently owns her flat so not entitled to the Help to Buy ISA scheme.
The purchase price on the property is £252,000 so according to the T&C I cannot use the scheme as the purchase price is above £250,000.

Is there anyway of using my help to buy ISA as the account has ~£4,500 in so £1,125 bonus yet annoyingly only £2,000 over the threshold.

We will be using a 15% deposit so the mortgage will be ~£215,000 which will be split evenly between us both.

eskbanker

If you have time on your hands you could switch to a Lifetime ISA instead of HTB as that has the £450K property value cap countrywide, but unfortunately can only be used a full 12 months after opening, so won't work if you're buying within a year from now.

Alternatively, see if your conveyancer has any creative ideas about how to negotiate the reported purchase price down to bring it within the limit....

Or for a more radical solution, buy a share of your girlfriend's flat before you both buy the target property. You'd incur two sets of solicitor charges, mortgage fees and so on, so that would probably burn through the extra £1,125 pretty quickly though!

TBC15

If the sale hasn’t gone through yet see the seller and make him a generous offer for his lawn mower.

eskbanker

TBC15 wrote: »

If the sale hasn’t gone through yet see the seller and make him a generous offer for his lawn mower.

....and throw in the £100 savings from stamp duty to that offer