Minimum Help To Buy ISA Mortgage?

notrichi

If my parents give me some money I won't need a mortgage.

I've saved up 12,000 on my Help to Buy ISA. Since making use of it requires taking out a mortgage, is it worth taking out a mortgage of £15,000?

Is there a minimum mortgage for this? It seems that I might end up losing money with the current mortgage situation.

Any experiences or experts willing to share their wisdom?

Many thanks in advance!

masonic

You'd need to weigh the fees and interest against the £3000 bonus, but also add on the interest you can gain on the money borrowed, given it isn't actually needed and an equivalent sum can therefore be saved. An offset mortgage may work well in your circumstances.