Help to buy

Ac27493

Hi,
I currently have a interest only (setup for renting) mortgage, can I use a help to buy ISA or a lifetime ISA?

Thanks
A

george4064

If you already have a mortgage that means you already own a property which means you are not eligible to open or maintain a HTB ISA.

Whilst you can still open/maintain a Lifetime ISA, you obviously will not be able to use the bonus on a property purchase as it appears you are not a first time buyer.

ColdIron

Doesn't sound like you're a first time buyer. Are you? You can open a HTB ISA but won't qualify for the Govt. bonus, some of them had decent interest rates but it's been a long time since I've looked. You can open a LISA if you qualify (under 40 etc) if you are happy to use it as a pension supplement and leave it until you are 60 or so

eskbanker

ColdIron wrote: »

Doesn't sound like you're a first time buyer. Are you? You can open a HTB ISA but won't qualify for the Govt. bonus, some of them had decent interest rates but it's been a long time since I've looked.

'Fraid not, those who own a property (or have done) aren't even allowed to open a HTB ISA, as per https://www.helptobuy.gov.uk/documents/2015/12/scheme-rules.pdf/:

4.7 Eligible Customer

(A) A person shall only be permitted to open a Help to Buy: ISA if they are an Eligible Customer. A person is an “Eligible Customer” if they open a Help to Buy: ISA with an Eligible ISA Manager on or before 30 November 2019 and they:

[...]

(vii) are not, and never have been, a Residential Property Owner.