Help to buy ISA

Sunshine012

You have been really helpful.
It makes much more sense for me to understand the whole process.
:rotfl:

Sunshine012

Im going into the details.It is all “buying house stress”
I closed the Help to Buy ISA account and my funds are transferred to savings so they are there at the moment.
Im waiting to receive closing statement in post.So far I received the “Confirmation of Instruction Account Closrure” at Natwest branch.
Can I use the funds towards the deposit or must I wait for the closing statement to arrive before I use the funds from savings account?

Sunshine012

orisava29 wrote: »

you will need to close your Help to Buy ISA account with your bank first and get Closing Statement from your bank.
This document might be sent through the post or you can get it from the branch which depends on the bank. Once you get this Closing Statement from your bank it would appear the closing balance of your saving that amount is the amount that your solicitor needs to see and claims the bonus on your behalf from the government. You will need to give your solicitor a closing statement and completed statutory declaration from your bank which they will give you when you close Help to Buy ISA.
The bonus will only be paid your solicitor once the completion transaction done.
When you close your account you can touch that money (your saving+interest) that amount of money will be transferred your current account to purchase for your first home.

My partner and I have just done this last Friday.

Just to double check,can I withdraw the money from current account once my ISA account has been closed and money transferred at the branch while I am awaiting the Closing statement at the branch?
I need to use that money to pay a deposit.

bopsybunny

Yes, you can use that money that came from your ISA to pay your deposit now. I know it probably varies with solicitors but we paid for our deposit in 3 transactions to the solicitor, one from me which was my HTB ISA savings plus other savings, one from my fiance (his HTB ISA savings), and another one from me (another separate savings account). This was before we got our closing statements, but after we'd closed the ISAs. Congrats on being so close to buying your home!

Sunshine012

Thank you!Excellent news.

I received the closing statement today and I am womdering if it was definitely closed correctly.
I had few issues with the bank and I am paranoied a bit.
Statement shows first interest,second line withdrawn amount(amount that has been transferred by the bank to the different account) and at the bottom as balance “0”
Is that correct?