Help to Buy ISA Question

MacNCheez

Hello all,

I have a hopefully very simple to answer question regarding help to buy ISAs.

My partner and I are desperately saving for our first home and will be going for a shared ownership home. We both have a savings account each as well as a Help to Buys ISA's each. 
We have around 10k so far split across these account (second savings accounts with more in due to the £200 monthly limit on the H2B)

When looking into the criteria in order to use help to buy ISAs, I noticed that the GOV website says this:

When you buy your property

The home you buy must:

• have a purchase price of up to £250,000 (or up to £450,000 in London)
• be the only home you own
• be where you intend to live

I am concerned that we may we might not be able to use the benefits from the ISA's as the 2 bed homes around the area we need to buy are £310,000 and upwards. We would be looking to buy shares of around £160,000 to £180,000.

In our situation, would the 'purchase' price be the £160,000+ share and thus we can utilise the benefits of the ISA's? Or will the 'purchase' price be the whole cost of the house? I am finding conflicting/confusing answer when searching online.

Apologies if a really silly question, we're very new to all of this and were going to wait until we've spoken to mortgage brokers/lenders to ask the question but would like to be prepared.

Thanks all

Albermarle

If you do not get a suitable answer, then you could repost here .
ISAs & tax-free savings — MoneySavingExpert Forum

MacNCheez

Thank you for your response, I had not realised that there was a specific board. I'll await and see what Reponses I get here first as I wouldn't want to double post, unless my post could be moved?