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Is it worth to take mortgage to use help to buy ISA?
zibid
Posts: 2 Newbie
We spent last few years in my partner's sister flat. We just had to pay bills without paying any rent. We used this opportunity to save money for the deposit. Now is the moment we have move out for two reasons. My partner is pregnant and her sister is coming back to UK so we have to leave her place. Our deposit is quite hefty. It is big enough that if we find bargain then we will be able to buy small flat for cash.
Should we apply for minimal mortgage anyway to receive 4K bonus from help to buy ISA? How much does mortgage and all additional fees connected to it cost?
Before you ask. We do not want to buy anything bigger now as only I'll be able to work for next few years.
Should we apply for minimal mortgage anyway to receive 4K bonus from help to buy ISA? How much does mortgage and all additional fees connected to it cost?
Before you ask. We do not want to buy anything bigger now as only I'll be able to work for next few years.
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By minimal do you mean mortgage suitable to buy the lowest cost property that suits your needs?Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.0
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By minimal I mean that if we are lucky we might have enough cash to pay full property price. Of course if we find bargain. In that case would it make sense to take mortgage to receive help to buy ISA bonus? In other ways. What is the cost of mortgage and additional fees connected to it? If it is bigger than ISA bonus then it doesn't make sense to apply for mortgage.0
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https://www.helptobuy.gov.uk/help-to-buy-isa/faq/#d59a24ea-e1f7-648f-8ce9-ff0000ad17aaDo I have to be on the mortgage of the property I am buying?
In order to be eligible for a government bonus you need to be on the title deed of the property and the property must be purchased with the assistance of a mortgage. Under the Help to Buy: ISA Scheme Rules, you don’t need to be named on the mortgage of the property, however your lender may require all individuals named on the title deed to also be named on the mortgage.
People will know more than me but this is what i foundAn answer isn't spam just because you don't like it......0
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