Sounds like you and Ach have been doing your homework!!! There are so many intricate details to know and not everyone knows about these. Very nice to help out others in the UK and to hear about the help the government will give first time buyers!
Will the government penalise you if you take money out? I keep hearing conflicting statements that the government won’t give you the bonus on anything you’ve taken out?
Anyone know about using the HTB ISA with Shared Ownership? I am buying a SO property buy the full market value is above the 250,000 limit for the HTB ISA - however my share is being purchased below it. Can I still receive the HTB bonus on my ISA savings?
Because you already have a help to buy ISA, you are allowed to pay £200 in still. The government will top up your savings by 25% (up to £3,000) when you buy your first home but can only be up to 450k (if in London) or 250k anywhere else. You are able to use the Isa until 2030. Alternatively, you can remove the money. Is your goal to buy your first home?
@@PropertyCouple Yes the goal is to buy our first home. But looking at the area we wish to move to, a house under 250k just isn’t going to be possible.
I’m buying a maisonette in Warlingham CR6 for £282,000. Am I still eligible for my bonus? When I’ve checked the map it looks like it’s just outside of the London map by literally a couple hundred feet.
I wonder if anyone out there has asked this question and got the answer.... I want to first time buy a two bed property using my HTB ISA. I would like to HMO the second bedroom whilst being a live in landlord. Is this allowed? What if then, I want to go travelling for a year and whilst I’m away, let out my bedroom - so then the whole property is being let out. Would this be allowed? What if, on my return from travelling I decide to relocate and buy a second property - will the fact that my HTB 1st property is now essentially a BTL cause me issues? Any help appreciated!
Just a quick question iv got 15.500 for my deposit iv got 5245 in my help to buy isa I no the government bonuses goes towards my deposit iv found a flat that the deposit I need is 15.500 with the bonuses does that mean I dont need to put the full 15.500 as the bonus is going towards the deposit
Can I ask what happens if I decide to go ahead with garage conversion while still under the help to bye.. Will they fine me if I do it without thier permession??will they raise any legal proceedings against me or possess the house? I think they will charge me 20% of the cuurent value of the property when we pay off the loan which i am happy to pay as long as there is no legal proceedings. Any thoughts or advice.
Hi great video very detailed, just a quick question... do you have to buy a new build with a help to buy ISA or can you use it to buy an older property. Many thanks
@@PropertyCouple thankyou :), I know sometimes they just sneakily get the money back plus more by a small amount of your monthly mortgage payment going to them and the rest to the lender :)
From what I've read, yes you can. But always worth double checking with your Help to Buy mortgage advisor because I believe some of them will expire or already have expired
Hi I’m currently buying a house and my solicitor has confirmed the bonus does not go towards the deposit. You still need the deposit but then you will be sent the bonus back to your account on completion. Hope this helps
Hi! I'm glad someone asked this question because I'm really confused about how the bonus works as my conveyancer told me that the bonus goes towards the purchase price and doesn't go towards the deposit and it can't go towards legal fees. I have the money to pay for the deposit and conveyancing fees anyway but I'm still confused as to where that bonus goes? Will it come back to my account after completion so I can use it for moving fees, home improvement etc or does it just get knocked off what I owe in mortgage repayments?
@@gemalem that's what I've come to understand - that it goes down as an overpayment. Although I have friends who tell me that the solicitor will send you the bonus after completion because you can, if needed, use it towards your deposit. So I'm really not sure basically 😂
Hi there, thanks for the very informative video! Quick question - what would happen if I was to sell the property before paying the mortgage? Would I then have to repay the bank / mortgage company 25% of the final sale? Hope it makes sense and that you don't mind my query!
I have a help to buy ISA account with Halifax if I want to get my mortgage with a different bank can I still use my help to buy account with Halifax? or will I have to get my moorage with Halifax because that's where my help to buy ISA account is? Appreciate if you can help 😊
Very useful video thank you. Just have a question regarding the monthly 'interest paid gross' will that be taken away if you decide not to use help to buy ISA in the future? Thank you
Have you already opened an ISA? I haven't read anything about the 4 year rule. Definitely best to speak to the local help to buy agent to double check but I think you're fine
Hey mate, me and my partner are earning a total of 65k. We found this house in Essex for 600k but they said they can only allow us to put the 5% (30k) if we earn a total of 100k is this true or is there a way of going around this ?
Sounds like you and Ach have been doing your homework!!! There are so many intricate details to know and not everyone knows about these. Very nice to help out others in the UK and to hear about the help the government will give first time buyers!
I’ve got this account and I’ve saved £9000 so far. I’m not sure if I will buy a property LOL but it’s got good interest on it.
There is £0 in my help to buy😭🤣. I keep forgetting the account details.
Well done hun, keep going 😂
I not understand how I get help to my plm pleas
does help to buy adjust with property prices? i won’t be purchasing property for another few years and 250,000 now and in 5 years is very different
What does the £3k actually go towards?
I love your explanation! Thanks so much I’m gonna subscribe now ❤️
Only 3000? This is so confusing
Will the government penalise you if you take money out? I keep hearing conflicting statements that the government won’t give you the bonus on anything you’ve taken out?
the bonus will be based on the closing balance of the account
Anyone know about using the HTB ISA with Shared Ownership? I am buying a SO property buy the full market value is above the 250,000 limit for the HTB ISA - however my share is being purchased below it. Can I still receive the HTB bonus on my ISA savings?
Help. I want to buy a 600k home and have a help to buy ISA. What can I do? I already have a LISA which I’d prefer to keep for my retirement.
Because you already have a help to buy ISA, you are allowed to pay £200 in still. The government will top up your savings by 25% (up to £3,000) when you buy your first home but can only be up to 450k (if in London) or 250k anywhere else. You are able to use the Isa until 2030.
Alternatively, you can remove the money.
Is your goal to buy your first home?
@@PropertyCouple Yes the goal is to buy our first home. But looking at the area we wish to move to, a house under 250k just isn’t going to be possible.
I’m buying a maisonette in Warlingham CR6 for £282,000. Am I still eligible for my bonus? When I’ve checked the map it looks like it’s just outside of the London map by literally a couple hundred feet.
I wonder if anyone out there has asked this question and got the answer....
I want to first time buy a two bed property using my HTB ISA. I would like to HMO the second bedroom whilst being a live in landlord. Is this allowed? What if then, I want to go travelling for a year and whilst I’m away, let out my bedroom - so then the whole property is being let out. Would this be allowed?
What if, on my return from travelling I decide to relocate and buy a second property - will the fact that my HTB 1st property is now essentially a BTL cause me issues?
Any help appreciated!
I don’t think you can rent the property out on a residential mortgage, terms and conditions will be for you to live in the property
Just a quick question iv got 15.500 for my deposit iv got 5245 in my help to buy isa I no the government bonuses goes towards my deposit iv found a flat that the deposit I need is 15.500 with the bonuses does that mean I dont need to put the full 15.500 as the bonus is going towards the deposit
Ends at 11:11. Was that Planned Lia?
Hi David, I'm just checking the export now, did it end mid sentence?
Property Couple UK no. I was talking about the time. 11:11. As always you do excellent with UA-cam
@@dynomite1988 Ohh I'm with you now! Nooo non intentional haha
Property Couple UK now my phone says 11:12 lol. I could have sworn it was 11:11 at one time. Sorry to give you a heart attack.
Can I ask what happens if I decide to go ahead with garage conversion while still under the help to bye.. Will they fine me if I do it without thier permession??will they raise any legal proceedings against me or possess the house?
I think they will charge me 20% of the cuurent value of the property when we pay off the loan which i am happy to pay as long as there is no legal proceedings. Any thoughts or advice.
Hi great video very detailed, just a quick question... do you have to buy a new build with a help to buy ISA or can you use it to buy an older property. Many thanks
Hi you can buy an older property and still use the help to buy isa
I didn’t max out my first month but have paid 200 for over a year, can I max it out now or too late
Too late I made same mistake 😑
If I invest my 'help to buy isa' money into another investment. Then make profit on that investment, will I have to still pay capital gains tax?
Very good video. Lots of detailed information.
No ove ever explains , is this 3000 a gift or do you in some way end up paying the government this back
It's a grant so you don't pay it back. If you ever see the word 'loan' then it's paid back. If you see 'grant' then it's free money
@@PropertyCouple thankyou :), I know sometimes they just sneakily get the money back plus more by a small amount of your monthly mortgage payment going to them and the rest to the lender :)
What if we are buying a shared ownership home for 350k but only buying 40% share which is 140k can we still use the Isa bonus
From what I've read, yes you can. But always worth double checking with your Help to Buy mortgage advisor because I believe some of them will expire or already have expired
Hey thanks for your video, what kind of apps are you using? 💪
Does the bonus go towards your deposit? So for instance if you save £10,000 to deposit on a house will it actually be a £12,500 deposit?
Hi I’m currently buying a house and my solicitor has confirmed the bonus does not go towards the deposit. You still need the deposit but then you will be sent the bonus back to your account on completion. Hope this helps
@@megans8846 gotcha! Thank you for letting me know 😁 no one seems to know I even worked for a bank and even their isa team were like 🤷🏻♀️😂
Hi! I'm glad someone asked this question because I'm really confused about how the bonus works as my conveyancer told me that the bonus goes towards the purchase price and doesn't go towards the deposit and it can't go towards legal fees.
I have the money to pay for the deposit and conveyancing fees anyway but I'm still confused as to where that bonus goes? Will it come back to my account after completion so I can use it for moving fees, home improvement etc or does it just get knocked off what I owe in mortgage repayments?
@@Townshendisgod100 that's what I don't get either I imagine it comes off your mortgage payments or goes as an overpayment?
@@gemalem that's what I've come to understand - that it goes down as an overpayment. Although I have friends who tell me that the solicitor will send you the bonus after completion because you can, if needed, use it towards your deposit. So I'm really not sure basically 😂
Hi there, thanks for the very informative video! Quick question - what would happen if I was to sell the property before paying the mortgage? Would I then have to repay the bank / mortgage company 25% of the final sale? Hope it makes sense and that you don't mind my query!
Woo hoo super helpfulthank youuu
Will I get the bonus if a property is valued at 265k with a 15k deposit? Making the bank provide me a loan of 250k?
I’ve just realised the property I’m buying May fall outside of London. Were you still eligible for the bonus buying a property over £250k
I have a help to buy ISA account with Halifax if I want to get my mortgage with a different bank can I still use my help to buy account with Halifax? or will I have to get my moorage with Halifax because that's where my help to buy ISA account is? Appreciate if you can help 😊
No you can use any lender to get a mortgage
Thank you for the reply @@megans8846
Very useful video thank you. Just have a question regarding the monthly 'interest paid gross' will that be taken away if you decide not to use help to buy ISA in the future? Thank you
So if the property is below £250,000? You can’t apply for the 25%?
Outside london for 250,000. In london needs to be under £450,000
Vicky Ho thank you.
I have a question, how long have I got to save this money? I heard you only have 4 years to save into a help to buy isa??
Have you already opened an ISA? I haven't read anything about the 4 year rule. Definitely best to speak to the local help to buy agent to double check but I think you're fine
Hey mate, me and my partner are earning a total of 65k. We found this house in Essex for 600k but they said they can only allow us to put the 5% (30k) if we earn a total of 100k is this true or is there a way of going around this ?
Can you even borrow that much on a 65k salary?
Lenders normally lend up to X 5 your salary..
Excellent
Loved the £600,000 error 😂. I kid you not, I spewed tea all over my tablet.
Hhahah yep!! ridiculous one indeed
Interesting
😀