Help to Buy ISA guide
Comments
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Curls2208 Hi all,
So I was wondering if anyone else took out the Halifax H2B on 1st Dec 2015. It's been brilliant with a 4 % interest rate at first and only dropping to 3.5 % last year. I'm just wondering if anyone has heard if halifax plan to change the rate this december?
I'd imagine the 3.5% was only for existing members by the way, as I've not seen it advertised anywhere.
Got almost 6 K saved up in it now, it's been such a good scheme.
So I made this post a few weeks back....it's due for interest in December and that also happened to be the same date they lowered it from 4% to 3.5% last year.
I'll let you all know what they do....did anyone else AT all get this great deal when Halifax released it in Dec 2015?0 -
Quick question - Is it OK to still have a cash ISA and a HTB ISA as long as I don't pay into the cash one?
I have a help to buy ISA but just found that I still have an old cash ISA open (I thought I'd closed it). I haven't paid into the cash ISA but just wanted to check that this is OK and wont affect my Help to Buy ISA bonus eligibility.0 -
Yes, that's right, you can't pay new money into both a cash ISA and an HTB ISA (which is also a cash ISA) in the same tax year, but an old cash ISA without contributions in 2017/18 doesn't affect the HTB in any way.Quick question - Is it OK to still have a cash ISA and a HTB ISA as long as I don't pay into the cash one?
I have a help to buy ISA but just found that I still have an old cash ISA open (I thought I'd closed it). I haven't paid into the cash ISA but just wanted to check that this is OK and wont affect my Help to Buy ISA bonus eligibility.0 -
Yes, that's right, you can't pay new money into both a cash ISA and an HTB ISA (which is also a cash ISA) in the same tax year, but an old cash ISA without contributions in 2017/18 doesn't affect the HTB in any way.
You can though - if both your cash ISA and HTB ISA you pay into in the same fax year are with providers that allow split ISAs like Nationwide, RBS, Nat West Aldermore.0 -
So I made this post a few weeks back....it's due for interest in December and that also happened to be the same date they lowered it from 4% to 3.5% last year.
I'll let you all know what they do....did anyone else AT all get this great deal when Halifax released it in Dec 2015?
Yes I did and have saved £5k so far... pleased the interest rate have maintained; we have signed up for a new build today so plan to use this cash in April.0 -
Hi, we are looking for some help and advice..
My partner and myself bought our first house a month a go now. We have been keeping on to the solicitor for the last two weeks about recieving our help to buy bonus £900, all he says is that he is chasing it!
I’m quite confused as I’ve read that this has to be done before completion? So is it likely we will lose our bonus?
Also we’ve been told a few different things about where the bonus goes.. does it go into our account for us to spend on furniture? Or does it just get taken off the mortgage.
Thanks 😊0 -
Hi, we are looking for some help and advice..
My partner and myself bought our first house a month a go now. We have been keeping on to the solicitor for the last two weeks about recieving our help to buy bonus £900, all he says is that he is chasing it!
I’m quite confused as I’ve read that this has to be done before completion? So is it likely we will lose our bonus?
Also we’ve been told a few different things about where the bonus goes.. does it go into our account for us to spend on furniture? Or does it just get taken off the mortgage.
Thanks ��
Your solicitor should have claimed the bonus for you between exchange and completion. So you need to follow up on this ASAP with him to find out what has happened. If you have done your part correctly and he has failed to follow the process then you might well have a claim against him. He can charge up to £50 plus vat for claiming the bonus. You don't actually get paid the bonus yourselves - it forms part of the sums paid towards the purchase.
https://www.helptobuy.gov.uk/help-to-buy-isa/faq/#when-is-bonus-paid
When is the Help to Buy: ISA government bonus paid?
The government bonus is paid once it is certain the transaction will go ahead. This means that your solicitor or conveyancer will claim the bonus between exchange and completion. The government bonus contributes towards your overall deposit (sometimes referred to as the ‘mortgage deposit’) and therefore increases your savings for your first home.
If you are in the situation where you need the government bonus to make up the deposit on exchange of contracts then your solicitor or conveyancer will be able to advise you on your options. In this instance your solicitor or conveyancer should be able to agree a smaller deposit at exchange with the seller; with the promise of the government bonus to follow as part of the overall deposit.
How do I apply for my bonus?
When you find your home, your prospective mortgage lender will ask you to hire a solicitor or conveyancer. They will handle all of the legal aspects of buying your home and can advise you on whether the property you are buying is eligible for a government bonus. In order to claim a bonus your conveyancer will need a closing statement from your Help to Buy: ISA account. So when you need to withdraw all of your funds make sure you close your account and get a closing statement from your ISA manager. Don’t just withdraw all of your money as you will not receive the closing statement and you won’t be able to claim your bonus. If you lose your closing statement, your ISA provider will be able to give you a new one. You will need to take this closing statement to your solicitor or conveyancer so that they can apply for your bonus.
Your conveyancer will apply for your government bonus on your behalf. The bonus will be sent to your conveyancer or solicitor to be included with the other funds which have been consolidated for the completion of the property transaction.
If completion is imminent, there is an expedited bonus application process that your solicitor or conveyancer can follow that does not require a closing statement. You should speak to your solicitor or conveyancer to find out more.0 -
I had to sell my house around 4 years ago after a separation. Since then I have been renting. I am now in a position where I am looking to purchase a property. Can I qualify as a first time buyer due to me not owning any property anymore? Thanks0
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guss_hudson wrote: »I had to sell my house around 4 years ago after a separation. Since then I have been renting. I am now in a position where I am looking to purchase a property. Can I qualify as a first time buyer due to me not owning any property anymore? Thanks
You're not a first time buyer. You're a second time buyer.0 -
Can you use help to buy ISA for a new self build mortgage?0
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