Help to Buy Scotland

flight1

My son and his partner both had individual help to buy ISA’s.  They have now put in and offer and had it accepted and have tried to cash in their ISA’S expecting to receive the additional government bonus.  This has been refused as although valuation of property, through home report is £245,000 The way the property market is in Scotland just now they had to offer £265,000 to secure this.  This takes them over the set limit of £250,000 so have been advised they are not receiving any bonus. Surely this should be based on home valuation?  So they have been saving hard for 4 years only to receive back exactly what they have paid in, doesn’t seem fair?

Slithery

Unfortunately what you think is 'fair' is irrelevant.

If they want to use the bonus they have to spend less than £250k on a property. Those are the rules of the scheme and are very clearly stated.

https://www.gov.uk/help-to-buy-isa

When you buy your property

The home you buy must:

• have a purchase price of up to £250,000 (or up to £450,000 in London)