That's not a growth wrote:I've got a help to buy ISA, and I'm going to hit the threshold required to get the full government bonus in October.
It's very likely I won't get a payrise any time soon, which is limiting the value of the mortgage I can get.
From what I can see, unless I'm willing the compromise on some aspect of what I want (at least 2 bed, not a high crime area, not a tiny terrace, garden not a yard, in an area that means I don't need to get a car (ok public transport, nearish to a supermarket and gym)) then I needed to be looking at homes that need work doing to them.
To maximise the amount of money I have for materials, but while trying not to pay through the nose on mortgage repayments, a 90% seems a decent balance (once they're readily available again).
It's likely £15k will be more than 10% of the value of the property I end up buying, will I be forced to use all the money in my H2B ISA on the deposit? It'll be good to know either way so I can plan accordingly.
Why wouldn't you want to use all the money in the HTB ISA as the deposit? The bonus amount is applied for via the solicitor so you don't get the bonus amount until completion instead of exchange of contracts where part/all of the deposit is normally transferred.
I would be working on the assumption that no 10% deposit options will be available in October with 15% being the minimum deposit you can put down.
The vast majority of lenders have withdrawn these 10% products and the few remaining options are essentially rationing the amount that can be applied for each day.
