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Help to Buy ISA
Hollz89
Posts: 4 Newbie
Hello!
We've just had an offer accepted on a house (£257k).
Unfortunately we can't use the benefits of my Help to Buy ISA which has about 3k in it.
I spoke with Natwest and asked if I can transfer the money out and into our joint savings towards our deposit which they said, yes. It's my money and I can do as I please. "Great" I'm thinking!
My mortgage broker today mentioned that I can't use the interest gained on any money I've put in to the Help to Buy.
"With regards to your help to buy, you still will be able to use your balance/savings that you have accumulated, however, you will not be able to use your interest as it is over £250,000"
Is this correct? I'm confused because I don't see why I can't use the money I've saved on buying a house?
Thanks in advance
We've just had an offer accepted on a house (£257k).
Unfortunately we can't use the benefits of my Help to Buy ISA which has about 3k in it.
I spoke with Natwest and asked if I can transfer the money out and into our joint savings towards our deposit which they said, yes. It's my money and I can do as I please. "Great" I'm thinking!
My mortgage broker today mentioned that I can't use the interest gained on any money I've put in to the Help to Buy.
"With regards to your help to buy, you still will be able to use your balance/savings that you have accumulated, however, you will not be able to use your interest as it is over £250,000"
Is this correct? I'm confused because I don't see why I can't use the money I've saved on buying a house?
Thanks in advance
0
Comments
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It sounds like they are referring to the 25% government bonus, rather than actual "interest" on the savings held in the ISA (which will form part of the account balance). There's nothing stopping you from closing the H2B ISA and using the funds for your purchase without getting the government bonus.0
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