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HTB ISA
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Jami74
Posts: 1,288 Forumite
Yeah I know, I was too old for a LISA.
I have read the MSE article on how they work but still don't completely get it. So I have my 10% deposit which includes the money in the HTB ISA (but not the bonus). I believe this is needed for exchange. Then the solicitor applies for the bonus before completion. And this is where I get a bit lost. So I will have already paid the 10% deposit which goes to the vendor? What happens to the HTB ISA bonus, does it get paid straight off the mortgage like an overpayment? Or is the amount of mortgage requested reduced at the last minute?
Oh actually I think I've worked it out. I think they'll give me an amount back from my 10% deposit that corresponds to the HTB ISA deposit?
I have read the MSE article on how they work but still don't completely get it. So I have my 10% deposit which includes the money in the HTB ISA (but not the bonus). I believe this is needed for exchange. Then the solicitor applies for the bonus before completion. And this is where I get a bit lost. So I will have already paid the 10% deposit which goes to the vendor? What happens to the HTB ISA bonus, does it get paid straight off the mortgage like an overpayment? Or is the amount of mortgage requested reduced at the last minute?
Oh actually I think I've worked it out. I think they'll give me an amount back from my 10% deposit that corresponds to the HTB ISA deposit?
Debt Free: 01/01/2020
Mortgage: 11/09/2024
Mortgage: 11/09/2024
0
Comments
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It goes into the pool of funds at completion and will pay your legal costs with anything left over passed to you by your solicitor.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.1
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Thank-you!Debt Free: 01/01/2020
Mortgage: 11/09/20240
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