help to buy ISA bonus-please help?? 17 March at 11:54AM edited 17 March at 12:39PM in ISAs & tax-free savings 1 reply 49 views

Sarahbee67

Hi 

I'm looking to buy a house and have a help to buy ISA, I will be applying for a mortgage and I'm just a bit confused on when can I use my bonus-I thought it would be towards my cash deposit towards the house? And if so can I include my bonus on top of my deposit when calculating how much of a mortgage I need- so then take out less of a mortgage because I will have that bonus hopefully?

Thanks

eskbanker

You have access to the bonus at completion rather than exchange - the term 'deposit' is a bit ambiguous so is explained in more detail at https://www.moneysavingexpert.com/savings/help-to-buy-isa/#section-5

And yes, the intention is effectively to reduce the size of mortgage you need....