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Help to Buy ISA bonus for deposit
dannychapman1984
Posts: 13 Forumite
My wife and I are looking to buy our first home. My question is can we use our HTB ISA bonus as part of our deposit? For example: If we had £8,000 in our ISA, (with the bonus this would be £10,000). Can we use this as a 5% mortgage on a £200,000 house? Thanks
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Comments
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You would have to read up about HTB ISA,s but I believe you can only claim the bonus back after you have purchased a property.
Now the LISA adds the bonus on once you have paid in the £4,000 each !
So if you only have £8,000 you can transfer from the HTB ISA to the LISA.
You can also pay in more to the Lisa from April and get another 25%bonus upto £1,0001 -
dannychapman1984 said:My wife and I are looking to buy our first home. My question is can we use our HTB ISA bonus as part of our deposit? For example: If we had £8,000 in our ISA, (with the bonus this would be £10,000). Can we use this as a 5% mortgage on a £200,000 house? Thanks
No. The HTB ISA bonus is applied for in time for the completion monies at completion, not on the deposit on exchange.2 -
The H2B bonus can only be used for a deposit but NOT the exchange deposit. So I bought my house last year for £230,000. I sent 10% exchange deposit and then the H2B bonus was claimed between exchange and completion. Before/on completion I then owed the rest of the amount we were putting down which was calculated by subtracting the bonus amount + exchange deposit from the agreed deposit amount
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