Help to buy ISA

[smudgedlipstick]

Any one have any experience with using a help to buy?

I have one and am nearly at completion of my home, I have started looking into how I claim the government amount, and upon looking into it it says that the monies cannot be used towards my deposit, solicitor fees or any other expenditures in the process of buying a property. When applying for my mortgage my advisor took my deposit then added the 25% and used that amount as how much I have as a deposit and now I'm worried that we are not going to have the amount they are expecting if the 25% is not included. Any help or experience??

Have you spoken to your solicitor about your help to buy ISA? They will be the ones applying for your 25% bonus and may charge extra for this, but they will be better placed to help you with any issues. The whole HTB ISA idea was sold as being a way to help boost your initial deposit but certainly seems more complicated and less helpful that this in reality! From what I’ve read if you don’t have the minimum deposit without your HTB bonus, your solicitor will need to negotiate you paying a slightly smaller deposit when you exchange and topping this up with your bonus when you complete. Being still a relatively new scheme however, it is tricky to find reports from people who have actually managed to do this. I would say to contact your solicitor and explain your situation and see what help they can offer you.

When I cashed in my HTB isa a few months ago I passed the statements to my solicitor and the bonus was knocked off what I had to pay for deposit and fees etc. It was laid out on the statement as (deposit £xx & land tax £xx & solicitor fees £xx) minus HTB bonus £yy and I paid £xx-yy. Hope that makes sense

SHould also say that I’m in Scotland, in case that makes a difference.