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Joint help to buy ISA

Written By:
Myles Robinson - Expert Finance Advisor

Posted: Aug 8, 2022

Joint help to buy ISA

New applicants are now barred from the Help to Buy government bonus ISA program. The government bonus Help to Buy ISA account is no longer available to open. The bank or building society also had to stop offering the government schemes on the 30th of November 2019.

What are your joint help to buy ISA options?

Constitute financial advice with us today and find out which savings accounts are the best option and what other help to buy ISA is available on the market today. We will make your property purchase as stress-free as we can for you.

The government bonus help to buy ISA finished on 30th November 2019.

Joint first-time buyers still have the opportunity to receive a bonus from other government schemes to help them purchase their first home.

Find out more about government schemes, the buy ISA scheme and ISA savings below. New applicants can contact us today.

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Is it possible to get joint Help to buy ISAs?

Countless customers have asked if it is possible to use a Help to Buy ISA to jumpstart a joint loan.

Although the answer to this question depends on many factors, we have assisted many people who have applied for joint mortgages through the government scheme. Some of these individuals had bad credit or were turned down by lenders at the bank or building society previously.

We have created a guide “buy ISAs explained” to help you begin a lifetime ISA and joint ownership in response to all the enquiries we get.

We can also advise you on a mortgage deposit for a residential mortgage, how to exchange contracts and a property sale.

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Can I use a Help To Buy ISA to apply for a joint mortgage?

We are often asked by customers if their first-time buyer ISA can be used to submit a joint mortgage request. The answer is yes. Regardless of whether you are applying for a joint mortgage or solely, if you have been contributing to a Help to Buy ISA you will have your lump sum cash bonus paid.

Joint mortgages can be purchased using Help to Buy ISAs in the same way that they would for single applicants. This government scheme allows first-time homebuyers to have savings accounts tax-free for their home.

It also comes with a cash bonus. The government bonus of up to £3,000 is released after completion.

Account-holders can contribute up to £200 per month. The government will then top up these contributions by 25%. However, the initial contribution of £1,200 may be made within the first month.

The maximum bonus amount is £3,000. To get the entire amount, you’d need to pay in a total of £12,000. To receive any cash bonus, you must save at least £1,600. This would include a £400 top-up.

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Help to Buy ISA: Can a couple each have one?

Yes! A Help to Buy ISA can be shared by two people, which doubles the chance of receiving bonuses. The government will give bonuses to couples who use First Time Buyer ISAs to help them with their mortgage applications. The government top-up will help with your home purchase. You would both have an individual account and both receive the help to buy ISA bonus individually. You can both have the same help to buy ISA provider.

Can my partner and I be able to get a Help-to-Buy ISA?

We get asked often by customers if they can have a joint Help to Buy ISA. The answer is no. You cannot have a Help to Buy ISA as a joint account. However, you can have more Help to Buy ISAs per couple than we explained in the previous section. This government scheme is only for individuals, but both spouses can open accounts.

There is no Help to Buy ISAs available for couples to share. However, you can each have a Help To Buy ISA if you are planning a property purchase together.

Is it possible for a married couple to get a Help to Purchase ISA?

You or your spouse can open a Help to Buy ISA to put the cash bonus towards your joint mortgage application if you are married. You could also open one and save it separately. However, it is not possible to have a Help to Buy ISA under both your names.

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How to get the best rates for a joint mortgage with Help to Buy ISA

Before deciding on the rates to offer for a Help to Buy ISA mortgage, lenders will conduct their usual eligibility checks. These are the factors that mortgage providers consider when deciding whether to lend.

Rating credit

Clean credit history will often convince a lender to offer you the highest rates. A specialist lender may be needed if you have any negative credit reports.

Your deposit

While most lenders require that you have at least 10% of deposit to purchase a residential property, some lenders will allow for up to 5% in certain circumstances. If you are able to put down more, it can convince lenders to offer a better deal.

Income and affordability

If you use a Help to Buy Isa and there are two applicants for the mortgage, the lender will base it on multiples of the income. Most lenders offer x4.5 combined salary. Some offer to 6x your salary in certain circumstances.

A specialist lender may be required if you are self-employed and need to include regular overtime, bonus income, or commission in your mortgage application.

The lender will offer you a better rate if they feel more confident that your income will be sufficient to cover mortgage payments.

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Your age

A couple who is using a first-time buyer ISA for a mortgage later on might have a harder time getting the best interest rates due to the fact that there are fewer lenders to choose from.

Some providers won’t lend to people over 75 years old, while others will not lend to those over 85. However, a few will lend to pensioners of any age as long as they can show they will continue to pay the monthly payments.

Some people could also have issues with mainstream lenders if they are in their 40s or 50s. The maximum age for the term is 70. However, a term beyond 70-75 may be necessary to make it fit, and affordability.

Retired borrowers have many options when it comes to mortgages. Flexible lenders are also available with no age restrictions. Contact to speak with an advisor who will help you find the right mortgage for your situation.

Type of property

A specialist lender may be needed if the property you are buying has any elements that are non-standard construction (such as a thatched roof, or timber-frame), in order to obtain the best rates.

Talk to a mortgage broker to discuss joint Help to Buy ISA application

Our mortgage advisors are available to answer your questions or to provide advice so contact us today.

Relax and let us find the right broker for you. There is no charge and absolutely no obligation to improve your credit rating.

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