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I think I've screwed up my help to buy ISA please tell me it's OK!
Sp1k3y
Posts: 2 Newbie
I'm a first time buyer, exchanged yesterday, and I'm worried I've screwed up and I'm going to lose my help to buy bonus!
We were intending to use our bonus towards our 10% mortgage deposit, not realising the exchange deposit HAD to be 10%. We were expecting to be able to have a slightly smaller exchange deposit and make up the difference at completion using the bonus.
After a mad scramble we managed to scrape up just enough to cover the shortfall and sent the full 10% to the solicitor.
So now we are in a situation where at completion when you add up the deposit we've already paid, the isa bonus and the mortgage we will have too much money by exactly the amount of the bonus.
I know you can't use the bonus for anything other than the actual purchase, so does our solicitor keep back a bit of the mortgage money and give to us? Is that allowed? How do they show the money left over isn't the bonus? Have I screwed up royally and lost the money?
I've emailed the solicitor (obviously) but I'm hoping someone here can put my mind at rest before Monday.
Thanks.
We were intending to use our bonus towards our 10% mortgage deposit, not realising the exchange deposit HAD to be 10%. We were expecting to be able to have a slightly smaller exchange deposit and make up the difference at completion using the bonus.
After a mad scramble we managed to scrape up just enough to cover the shortfall and sent the full 10% to the solicitor.
So now we are in a situation where at completion when you add up the deposit we've already paid, the isa bonus and the mortgage we will have too much money by exactly the amount of the bonus.
I know you can't use the bonus for anything other than the actual purchase, so does our solicitor keep back a bit of the mortgage money and give to us? Is that allowed? How do they show the money left over isn't the bonus? Have I screwed up royally and lost the money?
I've emailed the solicitor (obviously) but I'm hoping someone here can put my mind at rest before Monday.
Thanks.
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Comments
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Don’t panic!
alll your sources of funds (deposit, mortgage advance, bonus) just gets added into a ‘pool’ of money. Anything over the purchase & solicitor fee amount will just get returned to you by your solicitor.
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Thank you, appreciate the reassurance!
I can stop feeling sick (mostly) and wait till monday!
I'm never moving house again. Luckily its a bungalow so we can stay there till we're 102.....0 -
You use normal money savings to go towards the deposits the bonus isnt paid until you complete. That money is to do what you wish I believe. A lot use some of the money for the solictor fees.I don’t understand how it corolates to the mortgageMortgage free wannabe
Actual mortgage stating amount £75,150
Overpayment paused to pay off cc
Starting balance £66,565.45
Current balance £56099
Cc around £32000
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