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Help to Buy ISA guide
Comments
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Hi.
Very quick question.
If I apply for a Help to Buy ISA, willI also be able to apply for a Help to Buy Mortgage (in the future once I have saved a decent deposit) or are you only able to take advantage of one of the government schemes?
Thanks0 -
Hi,
I cannot open a HTB ISA this financial year because I have already opened another one. My question is, can I open a HTB isa next year and keep contributing to my exciting Cash ISA?
Thanks for your help.0 -
Thanks Marty8 - much appreciated! Me to be on the mortgage was the idea, so this is good news.
Take care and thanks once again
Tobolinos0 -
Hi,
I cannot open a HTB ISA this financial year because I have already opened another one. My question is, can I open a HTB isa next year and keep contributing to my exciting Cash ISA?
Thanks for your help.
Yes you can open a 2015-16 HTB isa – if you transfer your 2015-16 ISA to Nationwide, Aldermore, Natwest or Newcastle BS who allow split ISAs.
If you have a Nationwide current account you can get 1.6% instant access on an isa. If you don’t then you can open one via quidco and if you use the refer a friend scheme (you need a Nationwide current account holder to refer you) as well (get referred before opening via quidco) you could get £180 cashback and 5% interest if you use the flexdirect or alternatively open a flexplus which their packaged account and pays 3% interest plus lots of benefits but has a £10 a month fee..0 -
Just to clarify: unless your ISA provider for both, the HTB and the non-HTB ISA is a split ISA provider such as Nationwide, you cannot contribute to more than one of these in any financial year.Hi,
My question is, can I open a HTB isa next year and keep contributing to my exciting Cash ISA?
.
HTB ISAs are a great idea for most first time buyers but I keep reminding people that a normal cash ISA is probably a real waste of money for 99% or more of all people since you get better interest outside a normal ISA.0 -
Archi_Bald wrote: »You must not pay into a cash ISA and into an HTB ISA for the same tax year with two different providers (leaving complete ISA transfers aside as this would only confuse matters even further).
The only time way you can pay into both types of ISA in the same tax year is with a split ISA provider.
The whole complexity can easily be avoided by realising that no FTB would even want to hold a standard cash ISA.
Yes - but if you fund your help to buy isa with a prior year partial transfer which Nationwide seem to allow then you have not used any of your 2015-16 isa.allowance to fund your help to buy isa with them.
That is the point that was being made.
Yes - it's a slightly pedantic point but this seems to be an option with NW. You can move prior year funds around at willl fully and partially without affecting your investment for the current tax year.
Whether cash isas are the best source for your money is another matter - they are possibly if you are a higher rate taxpayer with lots of savings spread across high interest current accounts and regular savers so have maxed those out.
And to buy in most of London thats realistically what you need to be!0 -
I think it's a bit of a con i mean yes you'll get £400 bonus on the first £1600 but try getting the max bonus and you can't paying a measly £200 in a month.I think as long as you hit the maximum £12000 n odd pounds mark wether that be 12 months or 3 years shouldn't matter.I am looking to save £1400 a month to a down payment on a mortgage in around 15 months where should my money be best put until I am ready ?0
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I opened a HTB ISA on 1 December and deposited the full £1,200 available in the first month. Does the month reset on the first month anniversary of opening or is it in each calendar month? In practice, if I didn't put in anything until 30 January, would I have 'lost' a month, i.e. January, or would I be able to put £200 in on 30 January and a further £200 on 1 February?
Thanks for your help.0 -
Yes you can, it's just that it takes 4.5 years to reach the maximum.magpiemale wrote: »I think it's a bit of a con i mean yes you'll get £400 bonus on the first £1600 but try getting the max bonus and you can't paying a measly £200 in a month.
After you've put your £200 into an HTB ISA, regular savers offer the best return on your money, see http://www.moneysavingexpert.com/savings/best-regular-savings-accountsmagpiemale wrote: »I am looking to save £1400 a month to a down payment on a mortgage in around 15 months where should my money be best put until I am ready ?
A summary of further options is at https://forums.moneysavingexpert.com/discussion/5374614, multiple current accounts at 4-5% will give the best return once you're filling the best (6%) regular savers.0 -
It's calendar months so yes, your next payment can be any time in January and then another any time in February. Clause 6.1 (B) of the official scheme rules goes to great lengths in spelling this out in stating:I opened a HTB ISA on 1 December and deposited the full £1,200 available in the first month. Does the month reset on the first month anniversary of opening or is it in each calendar month? In practice, if I didn't put in anything until 30 January, would I have 'lost' a month, i.e. January, or would I be able to put £200 in on 30 January and a further £200 on 1 February?
where 'month' is helpfully defined in 1.1 asA Help to Buy: ISA Holder shall be entitled to pay in aggregate up to the Monthly Allowance into their Help to Buy: ISA in each month following the first month in which they pay amounts into their Help to Buy: ISA.
Or, to put it rather more succinctly, you can pay in £200 every calendar month....“month” means a calendar month, beginning on the first day of that calendar month and ending on the last day of that calendar month.0
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