When do you get help to buy isa bonus

katel98

Myself and partner are working towards saving a 10% deposit for our first home. 

We both have regular savings accounts and help to buy isa’s. 

My question is, do we need to save the 10% deposit and then the government bonus will top this up (making our deposit more than 10%), or, can we save a little bit less than 10% and the government bonus can be used to make it up to 10%? 

SaverRate

katel98 said:

Myself and partner are working towards saving a 10% deposit for our first home. 

We both have regular savings accounts and help to buy isa’s. 

My question is, do we need to save the 10% deposit and then the government bonus will top this up (making our deposit more than 10%), or, can we save a little bit less than 10% and the government bonus can be used to make it up to 10%? 

The government bonus can be used to make up the 10%. Just be sure to tell your solicitors as they will need to agree with the existing owners that you will be putting a lower exchange deposit down.

eskbanker

The word "deposit" is more ambiguous than you may think, and the HTB ISA bonus is only available for the later one, i.e. completion rather than exchange, as explained at https://www.moneysavingexpert.com/savings/help-to-buy-isa/#tip10

If you understand that phasing then yes, the bonus can form part of the 10%....