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  • FIRST POST
    • Former MSE Sam M
    • By Former MSE Sam M 1st Dec 15, 3:23 PM
    • 238Posts
    • 159Thanks
    Former MSE Sam M
    Help to Buy ISA guide
    • #1
    • 1st Dec 15, 3:23 PM
    Help to Buy ISA guide 1st Dec 15 at 3:23 PM

    Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
Page 3
    • weeketty
    • By weeketty 1st Dec 15, 11:07 PM
    • 8 Posts
    • 3 Thanks
    weeketty
    My boyfriend owns a home and I am looking to buy half of it and have a join mortgage on it, would I be eligible or would we need to be moving?
    • colsten
    • By colsten 1st Dec 15, 11:09 PM
    • 8,753 Posts
    • 7,413 Thanks
    colsten
    Is there a minimum period before you can rent out the property? Would it be expected to pay back the bonus somehow?
    Originally posted by DHarrison
    There is no minimum period you have to live in your property for. However, you do need to have a mortgage on the property, and I believe many owner-occupied mortgages preclude the letting of the property whilst it is mortgaged. You'd have to find a way to settle the mortgage, or replace it with a BTL mortgage. This might come at a cost which may well evaporate your HTB bonus money and then some.

    Official FAQ: http://www.helptobuy.gov.uk/help-to-buy-isa/faq
    • colsten
    • By colsten 1st Dec 15, 11:11 PM
    • 8,753 Posts
    • 7,413 Thanks
    colsten
    My boyfriend owns a home and I am looking to buy half of it and have a join mortgage on it, would I be eligible or would we need to be moving?
    Originally posted by weeketty
    If it would be your first ever home you own a share in, you should qualify for the HTB ISA and bonus. Official FAQ: http://www.helptobuy.gov.uk/help-to-buy-isa/faq
    • helloHTB
    • By helloHTB 1st Dec 15, 11:43 PM
    • 7 Posts
    • 0 Thanks
    helloHTB
    My partner and myself are wanting to open a help to buy ISA but we both are wanting to go through different banks. Are we still allowed to claim the bonus from the government for the same property if we have two different help to buy ISA, for example one with halifax, one with virgin.

    I haven't got any previous ISA so wanted to open the one with Halifax, I noticed on the website you need to open the account with a min of £1-£1000. I was hoping to open the account with £1200, then pay two further instalments of £200 per month so I could qualify for the £400 bonus within the first 3 month ... is this not possible with Halifax? Should I look for a different provider who does allow you to open the account with £1200?

    Also I have a Sandanter 123 account which I currently hold some savings in, this 123 account Isn't classed as a ISA is it? i am free to move money from a 123 account to a help to buy ISA without it effecting rates on the help to buy ISA?

    Thanks
    • colsten
    • By colsten 1st Dec 15, 11:49 PM
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    colsten
    You don't have to have your ISAs with the same provider. Although - - why would your partner forego the 4% Halifax offer and settle for the 3% at Virgin?

    You can open the Halifax with a down-payment of £1,000 (bank transfer or debit card). The monthly £200, including the £200 for December, must apparently come by Standing Order. You certainly can deposit a total of £1,200 into the Halifax HTB ISA in your first month.

    A Santander 123 isn't an ISA and you can do with the money in it as you please.
    • SandorMary
    • By SandorMary 2nd Dec 15, 12:06 AM
    • 2 Posts
    • 1 Thanks
    SandorMary
    In your case if you open one now, you can put in the initial£1200 now, £200 in January, and £200 on the 1St of February. Which would give you the qualifying amount for the minimum £400 bonus.

    Hope it helps.
    • SandorMary
    • By SandorMary 2nd Dec 15, 12:14 AM
    • 2 Posts
    • 1 Thanks
    SandorMary
    I just opened one with Halifax and after the initial £1000 I transferred another £200, but it wasn't a standing order. Will I lose the bonus on this particular £200 chunk? If I transfer it back to my current account, will I still be able to make another top up this month?

    Another thing.. I understand that both me and my wife are eligible to open a HTB ISA but does that also mean that when the time comes to buy a property we can use both bonuses of up to £6000 for our first home?

    Thanks
    • peterw47
    • By peterw47 2nd Dec 15, 12:15 AM
    • 4 Posts
    • 0 Thanks
    peterw47
    With Nationwide, is it simply a case of applying online for a HTB and standard ISA separately one after the other? I wouldn't want to apply for one and screw something up so I couldn't run two at once if I didn't follow correct process!?

    I plan to open 2 with Nationwide and the missus a single Halifax HTB, with all savings (over the usual HTB limit obviously) going into my standard ISA. That makes sense to get the best rates overall doesn't it?

    That way we can take advantage of Nationwide Save To Buy mortgage rates too if we end up taking a mortgage with them.
    • colsten
    • By colsten 2nd Dec 15, 12:40 AM
    • 8,753 Posts
    • 7,413 Thanks
    colsten

    I plan to open 2 with Nationwide and the missus a single Halifax HTB, with all savings (over the usual HTB limit obviously) going into my standard ISA. That makes sense to get the best rates overall doesn't it?
    Originally posted by peterw47
    It makes sense if both you and your wife have maxed the interest paying current accounts, as well as the regular savings/monthly savings accounts (that accounts for over £120K). Otherwise non-HTB cash ISAs are a huge waste of money.
    • colsten
    • By colsten 2nd Dec 15, 12:44 AM
    • 8,753 Posts
    • 7,413 Thanks
    colsten
    I just opened one with Halifax and after the initial £1000 I transferred another £200, but it wasn't a standing order. Will I lose the bonus on this particular £200 chunk? If I transfer it back to my current account, will I still be able to make another top up this month?
    Originally posted by SandorMary
    It should be ok, but if you can't see the money online in your HTB ISA, best call Halifax and ask them to confirm that everything is alright.

    Another thing.. I understand that both me and my wife are eligible to open a HTB ISA but does that also mean that when the time comes to buy a property we can use both bonuses of up to £6000 for our first home?
    Originally posted by SandorMary
    Yes, two people can team up and use their HTB ISAs against the mortgage on the same property.

    Can I open a Help to Buy: ISA with someone else?
    No. Help to Buy: ISAs are only available to individuals. But, you can put more than one government bonus towards the home you are buying. So, if you are buying a home with someone else who is also a first time buyer, they can open and save money into their own account and receive a government bonus.

    - See more at: http://www.helptobuy.gov.uk/help-to-buy-isa/faq#sthash.65pSKr2b.dpuf
    • anistar77
    • By anistar77 2nd Dec 15, 7:27 AM
    • 3 Posts
    • 1 Thanks
    anistar77
    I've seen the news about the new Help to Buy ISA's but have a couple of questions I can't find the answers to. Any advice would be greatly appreciated:

    I already have a cash ISA that has a fair chunk of money in it, but I haven't paid into it at all this year - just received interest on it. Does this mean I can't open a new Help to Buy ISA?

    Would I have to take all of the money out of the cash ISA in order to have a Help to Buy ISA, as I understand you can't have both running at the same time?

    And this is a really basic question, so excuse my ignorance, but do I have a to have a bank account at a particular bank to open an ISA there?

    Many thanks for any help given.
    • rhidassa
    • By rhidassa 2nd Dec 15, 7:55 AM
    • 5 Posts
    • 6 Thanks
    rhidassa
    Great guide. I do have a question:
    I have a cash isa from a previous year, which now pays a pitiful rate, but I didn't open one this year, knowing the help to buy ISAs were coming. Am I best doing the 'isa split' with Nationwide?

    The other question is with Nationwide - can you transfer if your existing ISA is WITH Nationwide?

    Thanks
    - rhidassa aka Lorna -
    • rhidassa
    • By rhidassa 2nd Dec 15, 7:57 AM
    • 5 Posts
    • 6 Thanks
    rhidassa
    I've seen the news about the new Help to Buy ISA's but have a couple of questions I can't find the answers to. Any advice would be greatly appreciated:

    I already have a cash ISA that has a fair chunk of money in it, but I haven't paid into it at all this year - just received interest on it. Does this mean I can't open a new Help to Buy ISA?

    Would I have to take all of the money out of the cash ISA in order to have a Help to Buy ISA, as I understand you can't have both running at the same time?

    And this is a really basic question, so excuse my ignorance, but do I have a to have a bank account at a particular bank to open an ISA there?

    Many thanks for any help given.
    Originally posted by anistar77
    I can assist with one part - I don't think you need an account with a provider to be able to open a help-to-buy ISA. In the guide, it mentions if a linked account is needed in the summary for each ISA - I haven't seen one yet that does require it.
    - rhidassa aka Lorna -
    • Debbie H
    • By Debbie H 2nd Dec 15, 7:58 AM
    • 1 Posts
    • 0 Thanks
    Debbie H
    Can you still get the bonus if you use the savings to buy a house abroad?
    • Marc1234
    • By Marc1234 2nd Dec 15, 8:07 AM
    • 1 Posts
    • 0 Thanks
    Marc1234
    Hi there. My son turned 16 last month. We have been saving for him his whole life. He has £5000 in a bond and £2000 in a low interest paying savings account. I'd like to open up a Help to Buy ISA for him and use his saving account to regularly transfer money over to the new ISA. Would this be allowed?
    • nawton
    • By nawton 2nd Dec 15, 8:12 AM
    • 1 Posts
    • 0 Thanks
    nawton
    So can I just check... if my partner and I bought a property that is valued at £251,000, we wouldn't be eligible for the bonus?
    • angelofinnocence33
    • By angelofinnocence33 2nd Dec 15, 8:18 AM
    • 3 Posts
    • 0 Thanks
    angelofinnocence33
    Hi
    I think I know the answer but want to check! I have just shy of £15000 in a cash isa only opened a few month ago (so in this tax year), it's money for a deposit. Am I best to close this & then open a help to buy ISA with Halifax and keep the remainder in an instant access savings (which I already have with a 1.50% interest rate) OR open a split Isa with Nationwide? Thank you!
    • robert2mac
    • By robert2mac 2nd Dec 15, 9:48 AM
    • 1 Posts
    • 0 Thanks
    robert2mac
    Help to buy ISA house prices
    I understand the Help to Buy ISA can only be used for houses up to a value of £250k. However i have 2 questions:

    1) can you use this for a shared ownership mortgage when the house valued over £250k but your share is within the £250k limit?

    2) If there is a house valued at £260k, and you have a bid accepted for £250k, is this still ok?

    Thanks
    • sibbers89
    • By sibbers89 2nd Dec 15, 9:58 AM
    • 1 Posts
    • 0 Thanks
    sibbers89
    I have a question with regards to the maximum house price...

    Currently this is £450,000 in London, where I would be looking to buy. However, clearly it takes the best part of 5 years to get the £12,000 into the ISA (and get the full bonus). By this time, with house prices rising (especially in London), I will not be able to buy a huge amount for the £450,000 maximum...

    My question is: will the maximum house price increase over time, or will it always be fixed at £450,000 in London?

    I have searched for an answer to this, but can't find one anywhere! (please correct me if I'm being stupid!)
    • Julesmarket
    • By Julesmarket 2nd Dec 15, 10:06 AM
    • 12 Posts
    • 2 Thanks
    Julesmarket
    Martin says this is a great way for parents to save for their childrens future? How does this work as I understand you can only open a Help to Buy Isa if you haven't bought a property before? If I open one in his name everything has to come from his bank account with NI no etc? Can you please clarify if there is another way round this? Thank you.
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