Help to buy isa for cash purchase

Stringy1

I am buying my first property using inheritance snd no mortgage,
I have some money in a help to buy isa can I use this and get the 25% government bonus?

eskbanker

Stringy1 said:

I am buying my first property using inheritance snd no mortgage,
I have some money in a help to buy isa can I use this and get the 25% government bonus?

No, you'd need to be using a mortgage to qualify for the HTB ISA bonus, which is only awarded if:

the Eligible Conveyancer is satisfied that:
(a) the Help to Buy: ISA Holder will be purchasing, whether solely or jointly, an Eligible Interest in Land; [and]
(b) the purchase of that Eligible Interest in Land will be funded by a loan, which will be secured by a legal mortgage against that interest in land; [...]

https://www.helptobuyisaadmin.org.uk/lib/sites/default/files/scheme-rules-feb-2020.pdf [clause 7.5]

badger09

Stringy1 said:

I am buying my first property using inheritance snd no mortgage,
I have some money in a help to buy isa can I use this and get the 25% government bonus?

If you don’t want to waste the bonus, you might explore the possibility of a small mortgage which you could pay off fairly quickly. 

Stringy1

Thank you both, I will explore the mortgage option.