We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Help to Buy ISA
ianmackay88
Posts: 11 Forumite
Would someone on here be able clarify what happens with the bonus as I'm seeing conflicting information about and it’s confusing me!
My situation
Buying house for £175k with a 5% deposit so £8,750.00. So mortgage amount is £166,250.00
I have about £5k in a Help to Buy ISA going towards the deposit so the 25% bonus would be £1,250.00
As I understand it, I have to pay the full £8,750.00 deposit and Solicitor applies for the bonus on exchange. The bonus then goes towards reducing the mortgage value required, so in my case it would be £165k. Is that correct? I wouldn't get the bonus in cash or be able to pay the deposit less the expected bonus would I?
My situation
Buying house for £175k with a 5% deposit so £8,750.00. So mortgage amount is £166,250.00
I have about £5k in a Help to Buy ISA going towards the deposit so the 25% bonus would be £1,250.00
As I understand it, I have to pay the full £8,750.00 deposit and Solicitor applies for the bonus on exchange. The bonus then goes towards reducing the mortgage value required, so in my case it would be £165k. Is that correct? I wouldn't get the bonus in cash or be able to pay the deposit less the expected bonus would I?
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards