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Help to Buy ISA - Excess £ after Deposit
PapaShango84
Posts: 7 Forumite
Hi there, I have a query that does not seem to be answered on any other thread or on the internet at all really...
Myself and my fiancee are in the process of buying a house and have saved the deposit in an Help to Buy ISA. We are buying an help to buy new build so have to pay a 5% deposit, which in this case is £7500. We have however over £8000 in the help to buy ISA.
What will happen to this excess £500 or so? Will we get the government bonus on it, and will we be expected to use all £8000 as deposit if so, or if we don't want this to happen should I withdraw the excess of £7500?
Thank you for your help.
Myself and my fiancee are in the process of buying a house and have saved the deposit in an Help to Buy ISA. We are buying an help to buy new build so have to pay a 5% deposit, which in this case is £7500. We have however over £8000 in the help to buy ISA.
What will happen to this excess £500 or so? Will we get the government bonus on it, and will we be expected to use all £8000 as deposit if so, or if we don't want this to happen should I withdraw the excess of £7500?
Thank you for your help.
0
Comments
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You get a bonus on whatever the closing balance is. Only the bonus is required to be used towards the property purchase; the money saved in the HTB ISA can be used however you please.Did you really mean to put loose?
Lose: no longer possess, not to retain, unable to find
Loose: not firmly or tightly fixed in place0 -
Thank you for the response AirlieBird. What I don't understand is this used towards the property purchase, with us having a £7500 deposit and a help to buy loan / mortgage for the remaining amount?0
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