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Questions - HTB ISA & First Time Buyer
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DaveFromCardiff
Posts: 4 Newbie
A couple of questions;
1) For myself -
Help to buy ISA. The government offers up £50 for every £200 saved. Can I put all £12k of my savings in immediately and the government will provide the £3k to solicitor once I agreed on a purchase (hopefully this year) or does it have to be £200 monthly installments meaning would have wait 5 years?
2) For my sister -
Mum put my sisters name on her house a few years ago however now intends to sell the property as a downgrade to have a little more money for retirement next year. Sister does not have an issue with this and will have her name removed from the property. Will she still be considered a first time buyer as she hasn't actually paid for a first home?
1) For myself -
Help to buy ISA. The government offers up £50 for every £200 saved. Can I put all £12k of my savings in immediately and the government will provide the £3k to solicitor once I agreed on a purchase (hopefully this year) or does it have to be £200 monthly installments meaning would have wait 5 years?
2) For my sister -
Mum put my sisters name on her house a few years ago however now intends to sell the property as a downgrade to have a little more money for retirement next year. Sister does not have an issue with this and will have her name removed from the property. Will she still be considered a first time buyer as she hasn't actually paid for a first home?
0
Comments
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You can deposit £1200 in the first month then it’s £200 per month after.
Your sister lost her first time buyers status when her name was added to your mum’s house. Doesn’t matter if she paid for it.Debt free October 2020 🎉FTB 12 2020 🥳
Life happens fund filled 11/221 -
The help to buy ISA scheme has closed now, so unless you have one open already then you can't use that.
The LISA is similar and might be more appropriate, more info here. https://www.moneysavingexpert.com/savings/lifetime-isas/1 -
That is unfortunate, thought there may be a bit of common sense.0
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