Exchange/Mortgage deposit and H2B ISA

chiefgoat

Hi guys,

Without trying to confuse you all but I am trying to figure out the following:

Is it possible for me to “replace” my exchange deposit cash with the H2B bonus cash once it goes to the mortgage deposit. As I was wanting to use the bonus towards the deposit which I require but obviously I cannot use it for my exchange deposit which is quite annoying.

Or is the only way around this to negotiate a lower exchange deposit so it can be topped up with the ISA bonus when it comes around to submitting the mortgage deposit.

Sorry if this question is a little confusing, trying to get my head around the H2B isa.

Seems a little silly to me that the bonus can’t be used for solicitor fees or anything once you have gone through with the purchase.

panterka

Hi Chiefgoat,

I am in a similar position.
Talk to your solicitor. I recently exchanged on a new build, paid 5% deposit to solicitor plus £300 towards searches, and was wondering about what happens to the Help to Buy ISA bonus (I was due approx.£1500).
2 days later a got a pre-completion statement from solicitor saying that I am due a refund of a few hundred pounds. I am still not sure how solicitors calculate this, but it looks like they move the money around, so the bonus went towards exchange deposit, and I get a refund after deducting all the fees from the total paid into solicitors account.

I hope it helps.

kingstreet

chiefgoat wrote: »

Seems a little silly to me that the bonus can’t be used for solicitor fees or anything once you have gone through with the purchase.

It can and it does.

The bonus goes into the pool of funds needed for completion regardless of what the rules say.

Last time we had this conversation on here;-

https://forums.moneysavingexpert.com/discussion/5582683/help-to-buy-isa-query