Help To Buy ISA & Savings towards a deposit?

Declan3

Hi,
I have recently been saving for a house and am trying to do as much research as I can. One question i can't seem to find the answer to is if I can use my ISA and savings elsewhere towards a deposit, or does it all the deposit have to be paid by one or the other?

hannah2283

My deposit is coming from three different savings accounts, one of them being a help to buy isa 

Declan3

hannah2283 said:

My deposit is coming from three different savings accounts, one of them being a help to buy isa 

So you are already in the process of placing your deposit and everything was ok?

MovingForwards

I used my H2B ISA and various savings account accounts. All anyone cares about is you having the deposit, fees and it was saved up / from you.

hannah2283

Declan3 said:

hannah2283 said:

My deposit is coming from three different savings accounts, one of them being a help to buy isa 

So you are already in the process of placing your deposit and everything was ok?

Yep. No problems putting the mortgage application in. Just need the proof of funds for each account 

lantanna

Yes same boat as u, I have a help to buy isa, a Marcus account and a Halifax reg saver all three will equate to my deposit

Declan3

Thanks for the help everyone!

lisasilverio

Can anyone help? My daughter has a Help to Buy ISA which has nearly matured.  She is a first time buyer. The house she is now trying to buy is £275k which is over the £250k (outside London) limit. Can she quickly transfer to a LISA for first time buyers so that she can utilise the house purchase limit allowed of £450k or would she have to have the new account open a year? 

ikanoi

lisasilverio said:

Can anyone help? My daughter has a Help to Buy ISA which has nearly matured.  She is a first time buyer. The house she is now trying to buy is £275k which is over the £250k (outside London) limit. Can she quickly transfer to a LISA for first time buyers so that she can utilise the house purchase limit allowed of £450k or would she have to have the new account open a year? 

Unfortunately you'd need a LISA account to be open for 1 year before it is eligible to be used in a house purchase. The HTB ISA shouldn't need to "mature" at all but as you've realised, there is a limit on the purchase amount. The other thing to consider is that you will only get a max of £1000 in bonus payments each tax year in a LISA.