Help to buy ISA - can I pay in up to completion?

stragglebod

Can anyone tell me at what point I have to stop paying into a help to buy?


I'm assuming that I can still pay in after an offer's been accepted, but what about after exchange but before completion?


Thanks

eskbanker

Yes, you can keep paying in right up to the point at which you wish to close the account to claim the bonus.

Reed_Richards

You need to cough-up 10% of the money on the day you exchange contracts and the remaining 90% on the day of completion. Ordinarily you would transfer your funds to your conveyancer who would make the transfers (and charge you for it). So you will need a little time before completion to make sure you get your ISA money and your bonus and that it gets to your conveyancer.

stragglebod

Thank you both. So it would pay to complete around the 10th of the month, so I can make a payment on the first, allow a couple of days for that to clear (!) and allow a couple of days for the conveyancer to do the transfer?

eskbanker

stragglebod wrote: »

Thank you both. So it would pay to complete around the 10th of the month, so I can make a payment on the first, allow a couple of days for that to clear (!) and allow a couple of days for the conveyancer to do the transfer?

No, you need to allow plenty more time for the process - the best thing to do is to consult with your conveyancer (who should be familiar with it, assuming of course they're registered to deal with HTB ISAs), but the conveyancer guidelines state:

The time taken to close a Help to Buy: ISA account, together with the processing and payment time required by the Scheme Administrator will be at least 12 business days in most circumstances.

stragglebod

OK thanks, completion at the end of the month then.

eskbanker

stragglebod wrote: »

OK thanks, completion at the end of the month then.

Perhaps worth being wary of letting the tail wag the dog - an additional month's contribution to an HTB ISA generates an extra £50 bonus, but that figure would typically pale into insignificance alongside all the other costs associated with buying a property and it may be, for example, that relative costs of renting versus mortgage make it worth completing at the earliest opportunity rather than trying to schedule it around HTB bonus dates....