Help to Buy ISA guide

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  • perkanater
    perkanater Posts: 8 Forumite
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    You can both transfer your ISA, nationwide offer the split ISA. If you want to increase your funds its probably
    Better to do this before you transfer. (Then you have only paid in to one cash ISA in the tax year) Nationwide cash ISA rate is 1.1%
    The help to buy ISA is 2%
    It can take up 2 weeks to do the transfer
    But it can be done as quick as 1 week.
  • masonic
    masonic Posts: 23,275 Forumite
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    It is of course up to you if you want to accept a meagre 2% on your HTB ISA and 1.1% on your other savings, when you could earn 4% on your HTB ISA and a lot more than 1.1% (even after tax) on money held outside of a cash ISA. I wouldn't.
  • Strummer22
    Strummer22 Posts: 605 Forumite
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    SarahL201 wrote: »
    Please can someone help i am at the final stages of the help to buy isa and my solisiter is asking for a closure letter and the bank is telling me i cant have one? And with this its stopping me from moving in to my new home. I have been trying to get it every day since the 1st of march im confused to the fact that the people in the bank dont know what they are doing.

    I'm afraid no-one here can really offer advice unless you tell us why the bank is saying that you can't have the closure letter.
  • abarthman
    abarthman Posts: 109 Forumite
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    Living in Scotland. I purchased my home here before I got married. My wife moved in with me but does not appear on the deeds, etc. Can she now open a HTB ISA with a view to making the most of the Halifax interest rate or even with the possibility of her buying a flat to rent out in a few years?
  • masonic
    masonic Posts: 23,275 Forumite
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    abarthman wrote: »
    Living in Scotland. I purchased my home here before I got married. My wife moved in with me but does not appear on the deeds, etc. Can she now open a HTB ISA with a view to making the most of the Halifax interest rate or even with the possibility of her buying a flat to rent out in a few years?
    The situation is not 100% clear as a home is considered a marital asset, but if the property is in your name alone and the mortgage is in your name, then it seems a reasonable interpretation that she is a FTB and could open a HTB ISA.

    However, she could not use the ISA to purchase a property to rent out as this is not permitted under the HTB ISA rules.
  • masonic
    masonic Posts: 23,275 Forumite
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    C_C wrote: »
    What happens if you can't add in each month? Can you transfer an existing ISA into one of the split ISA schemes, make a monthly contribution to the HTB ISA from the normal ISA and do it that way? (student)
    If you already have a standard cash ISA then there is no need to use a split scheme. Just withdraw from one and pay into the HTB ISA if you need to.
  • colsten
    colsten Posts: 17,597 Forumite
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    masonic wrote: »
    If you already have a standard cash ISA then there is no need to use a split scheme. Just withdraw from one and pay into the HTB ISA if you need to.

    You would need to use a split ISA if you paid into the standard cash ISA this tax year, or you would have to close the standard cash ISA befoe you can open te HTB ISA. Usual stuff about interest paying current accounts, regular savers etc etc
  • masonic
    masonic Posts: 23,275 Forumite
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    colsten wrote: »
    You would need to use a split ISA if you paid into the standard cash ISA this tax year, or you would have to close the standard cash ISA befoe you can open te HTB ISA. Usual stuff about interest paying current accounts, regular savers etc etc
    Yes, from re-reading the post I see it is indeed possible C C contributed to the cash ISA this tax year and also intends to open the HTB ISA before the end of the tax year. The real question is would a transfer to a split ISA provider, followed by opening and funding a HTB ISA be possible before the end of this month. If not, C C will no better off in terms of HTB ISA balance than if he/she waited until the new tax year (but clearly worse off in terms of interest rate).
  • notanothercracker
    notanothercracker Posts: 1 Newbie
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    hello there!

    We previously owned a house outside the UK and have cash waiting on getting a credit rating *waves fist* so that I can get a mortgage. Can I get a HTB ISA so that I can get a better interest rate and just not ask the government for the money at the end of it? One bank says yes, one says no. Any ideas?
  • amr547
    amr547 Posts: 1,665 Forumite
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    Looks like people still aren't clear on how to claim the bonus, banks and solicitors included! I'm looking forward to starting the claim process soon... Eek!
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