Using Help to Buy ISA for Mortgage Exchange

Jowdurn

Hi,

My girlfriend and I both have help to buy isa's. We understand that we can't use the 25% bonus for the exchange. We are buying a new build house so we are exchanging in January and then completing in June when the house is built.

Do you think we can exchange with a shortfall of the help to buy bonus which will be made up before completion because they will be cashed in by then somewhere around April.

Lilla_D

Speak to your solicitor and the developer/estate agent (whoever you are in contact with) and take things from there.

Exodi

You would need to explain the situation to the vendor and see if they'd accept the lower exchange deposit. Some can be accomodatng but everyone's different so no when can tell you whether they'd accept it.

jbondo

Jowdurn wrote: »

Hi,

My girlfriend and I both have help to buy isa's. We understand that we can't use the 25% bonus for the exchange. We are buying a new build house so we are exchanging in January and then completing in June when the house is built.

Do you think we can exchange with a shortfall of the help to buy bonus which will be made up before completion because they will be cashed in by then somewhere around April.

Hey,


We're in a similar situation as yourselves however have not decided on a property yet. I asked this question recently so maybe worth taking a look at the thread: https://forums.moneysavingexpert.com/discussion/5948600/mortage-reservation-holding-deposit-advice

Verix

I'd speak to the developer as many can be accommodating in this kind of situation. Generally builders will still want to have some money on exchange even if you leave the majority of the deposit in your HTB ISA until just before completion.