Help to Buy ISA advice

MCam

We're about to exchange contracts on a new build and are looking to complete at the end of April. I currently have a HTB ISA and I'm not sure what to do with it. 

I've chosen not to pay the solicitor to process it because the property value is higher than the (in my opinion ridiculously low HTB limit) so I wouldn't get any of the "bonus", but I do need to use the ISA money to pay for the deposit. Am I safe to just withdraw the money into my current account and close the ISA?

eskbanker

If you're not planning to claim the bonus then it's effectively just a standard easy-access cash ISA and you can withdraw as much or as little of the money as you like, when you like, and use it how you like!

MCam

Thanks eskbanker. Is there any benefit to actually leaving it open rather than just closing it? (not going to be buying any more houses anytime soon 

eskbanker

MCam said:

Thanks eskbanker. Is there any benefit to actually leaving it open rather than just closing it? (not going to be buying any more houses anytime soon 

No, I forgot to add that once you buy a property, you're no longer a first time buyer, and therefore no longer eligible to hold a HTB ISA, so you do need to close it anyway....

MCam

Decision made for me then! Thank you very much!