Help to Buy ISA cost cap with Help to Buy equity loan scheme.

JohnB2020

Hi,

I have looked around the forums quite a bit and haven't managed to find the answer to this, hopefully some of you helpful lot will know the details.

Both me and my girlfriend have a Help to Buy ISA which gives 25% on top of the total savings up to 12k on a property up to 250k, I know the Help to Buy ISA can be used with a Help to Buy loan scheme but what I don't know is if the 250k limit applies to the total value of the house or only the 80% on a Help to Buy loan scheme as the government loans the other 20% therefore enabling us to buy a house which has a total value of over 250k.

Where we live a 250k won't really do for our needs however if the 250k limit only applied to the 80% before the government loan this would work out perfectly.

Many Thanks in advance.

masonic

The limit applies to the total value of the property you are buying.

JohnB2020

masonic said:

The limit applies to the total value of the property you are buying.

I was afraid of that, thank you for your reply.

Firsttimebuyer60

We've just come across this. Our house was released for 10K more than were were expecting so we cant claim the bonus.  

Alexland

If you are not buying for 12-15+ months you could consider re-wrapping the money in Lifetime ISAs which have a £450k limit as you can contribute £4k before the new tax year starting on 6th April, another £4k in the next tax year and another £4k at the start of the next one.

Alternatively you could just wait and see what negative impact this virus has on house prices. You may be in a very good position to negotiate.