Lloyds Help to Buy Isa

Wufter56

Hi, my son has a Lloyds help to buy Isa he took out a year or two ago. Have been hearing things that you can't use it to put towards your deposit. Is this true ?

eskbanker

Wufter56 said:

Hi, my son has a Lloyds help to buy Isa he took out a year or two ago. Have been hearing things that you can't use it to put towards your deposit. Is this true ?

This comes down to the ambiguity of the word 'deposit' - the bonus isn't available at exchange but only at completion:

https://www.moneysavingexpert.com/savings/help-to-buy-isa/#exchange

toby3210

I used the halifax one of these a few years ago. Got a 25% bonus up to £3k when I purchased a house. Shame I never purchased a house and the interest rates were really low so lost out overall. My advice if you plan to buy a house and the time horizon is very clear (and within 1-2 years) then it may make sense to put aside £500 per month for 2 years and get the bonus (but it's not going to make a huge difference as the interest rate is deliberately kept low). So compare it to alternatives.