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Cash Buy Help Needed Please. Help to Buy ISA

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Leon_82
Leon_82 Posts: 41 Forumite
Part of the Furniture
in House buying, renting & selling
Hi.

My current situation is.

42 years old.

I have £55K saved up.

Interested in Leasehold straight cash buy.

Seen some around 50K with over 300 years left on lease.

I opened a Help to Buy ISA years ago.

Nothing in it at the moment.

First time buyer, what are my best moves in this position? Can I use the bonus from the ISA for a leasehold buy? Shall I move the money into that? 

Thank you for any help!

Straight cash buy so no mortgage.

Comments

  • horsewithnoname
    horsewithnoname Posts: 776 Forumite
    500 Posts Third Anniversary Name Dropper
    I think you only get a bonus on money that is actually in the help to buy ISA, so you should move your money into it before you buy. 
  • RAS
    RAS Posts: 35,554 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    You only get the bonus on the sum in your HTB used to pay the completion sum.
    If you've have not made a mistake, you've made nothing
  • sheramber
    sheramber Posts: 22,451 Forumite
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    You can only pay in £200 a month to a help to buy isa. 
  • Newbie_John
    Newbie_John Posts: 1,216 Forumite
    1,000 Posts Second Anniversary Name Dropper
    sheramber said:
    You can only pay in £200 a month to a help to buy isa. 
    That's the key here, if you buy in 10 months you can put max £2000 there, with 25% bonus we are really talking extra £500 - and that will be mostly eaten by all the legal fees - saying that better £500 than nothing.
  • fistfulofsteel
    fistfulofsteel Posts: 38 Forumite
    10 Posts Name Dropper
    You can't use it as a cash buyer
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