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Help to buy ISA and will I technically be a buyer if I go onto my partner's mortgage?!
Showbiz2000
Posts: 2 Newbie
Hi all,
I'm confused. My boyfriend has found a new apartment he'd like to buy and I will eventually move into (250k).
He is not a first time buyer, this will be his second property and he will be renting out his first.
The problem is, I wasn't planning on moving in with him for at least 6 months while I settle into my new job and managed to save a bit (Help to buy ISA) but he can buy it now with his savings etc. for the deposit and I can't contribute at all.
So my first question is, is the help to buy ISA STRICTLY only for deposits? So if I moved in and went onto his mortgage that money can't be used (as in with the bonus) for that?
My second question is, if I went onto the mortgage am I technically then a buyer? Even if I didn't initially buy it with him? Because then I wouldn't be able to have the help to buy ISA would I? I would like to take advantage of it if I can
Thank you in advance.
Here's to confusing adulting
I'm confused. My boyfriend has found a new apartment he'd like to buy and I will eventually move into (250k).
He is not a first time buyer, this will be his second property and he will be renting out his first.
The problem is, I wasn't planning on moving in with him for at least 6 months while I settle into my new job and managed to save a bit (Help to buy ISA) but he can buy it now with his savings etc. for the deposit and I can't contribute at all.
So my first question is, is the help to buy ISA STRICTLY only for deposits? So if I moved in and went onto his mortgage that money can't be used (as in with the bonus) for that?
My second question is, if I went onto the mortgage am I technically then a buyer? Even if I didn't initially buy it with him? Because then I wouldn't be able to have the help to buy ISA would I? I would like to take advantage of it if I can
Thank you in advance.
Here's to confusing adulting
0
Comments
-
Mortgage lenders don't just "put people on the mortgage".
If you're a joint lender, then it's very likely you're a joint owner, too - and vice-versa.0 -
Showbiz2000 wrote: »Hi all,
I'm confused. My boyfriend has found a new apartment he'd like to buy and I will eventually move into (250k).
He is not a first time buyer, this will be his second property and he will be renting out his first. - Does he have consent to lease from his original mortgage lender?
The problem is, I wasn't planning on moving in with him for at least 6 months while I settle into my new job and managed to save a bit (Help to buy ISA) but he can buy it now with his savings etc. for the deposit and I can't contribute at all. - There is a bit of a disconnect here. Why do you need to pay towards the house to move in?
So my first question is, is the help to buy ISA STRICTLY only for deposits? So if I moved in and went onto his mortgage that money can't be used (as in with the bonus) for that? - You're being quite flippant in regards to being on the mortgage. Adding someone to a mortgage later on (if they are even willing to consider it) will require affordability checks and a new conveyancing process. As regards to the deposit query, yes, HTB ISA's can ONLY be used for deposits.
My second question is, if I went onto the mortgage am I technically then a buyer? Even if I didn't initially buy it with him? Because then I wouldn't be able to have the help to buy ISA would I? I would like to take advantage of it if I can - If you were to be added to the mortgage, you would no longer qualify as a first time buyer under the HTB scheme.
Thank you in advance.
Here's to confusing adulting
My thoughts in red above.Know what you don't0
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