Question about paying a large amount into both a Help to Buy and a regular ISA

Alexland

Heramia wrote: »

Thanks, Alex! I found that yesterday after reading the comments! Do you perchance know if I have to actually meet Nationwide and explain what happened before closing the account or should I just take out all the money and close it? No worries if not!

Your choice either way. It might be a difficult conversation but they might improve their training, etc.

Heramia wrote: »

Also, final question: my boyfriend technically owns the place with me, but we have a deed of trust where he has 0% (I know that seems a bit mean but we hadn't been together long when we got it, and the money was gifted to me by my mother after my father passed, so this felt sensible!). Does anybody know if he has now forfeited his right to any first time buyer benefits? Or can link me somewhere where somebody does?

A deed of trust is a financial arrangement between yourselves. If his name was on the purchase contract and/or land registry he would not be considered a first time buyer by the government.


Alex.

bowlhead99

Heramia wrote: »

Also, final question: my boyfriend technically owns the place with me, but we have a deed of trust where he has 0% (I know that seems a bit mean but we hadn't been together long when we got it, and the money was gifted to me by my mother after my father passed, so this felt sensible!).

Does anybody know if he has now forfeited his right to any first time buyer benefits? Or can link me somewhere where somebody does?

Per scheme rules on HTB ISA for example he's excluded if his "interest in land" (ie your jointly owned property) was

i) acquired by the individual as purchaser, or
ii) entitles the individual to possession or occupation of the land

Presumably he signed the contract to purchase it and was subsequently recorded as an owner at land registry, and as a co-owner he's been entitled to live there. Either one of the two points would disqualify him from HTB ISA and he seems to hit both of them.

LISA is substantially the same.