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Lloyds Help to Buy Isa
Wufter56
Posts: 1 Newbie
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 ?
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Comments
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This comes down to the ambiguity of the word 'deposit' - the bonus isn't available at exchange but only at completion: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 ?
https://www.moneysavingexpert.com/savings/help-to-buy-isa/#exchange
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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.1
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