Help to Buy ISA guide

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  • Marblehead_2
    Marblehead_2 Posts: 16 Forumite
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    I'm in the same boat as you (though buying alone, £450 bonus and completing on Monday so I am not optimistic about the bonus actually reaching me...); I have been trying for weeks to get a definitive answer on the above. The only thing I could find was an article on MSE with a couple who started a Halifax HTB ISA in December and closed it on 1st Feb, then their bonus was paid pretty much straight away, then they completed shortly after (their seller was willing to delay completion to give them time to get the bonus).

    I asked Halifax/ my solicitor/ my broker for confirmation or any info on how long it would take, as I wanted to base my completion date on this. Everyone said it was fine, and the HTB website (for savers) didn't suggest any different. Then I looked on here and noted the HTB documents for solicitors say allow 5 days. Last week my solicitor said it takes at least 30 days to claim the bonus (though I think he hasn't a clue to be fair). Who knows.

    I will post the outcome of my purchase here to add to the anecdotes!
  • Marblehead_2
    Marblehead_2 Posts: 16 Forumite
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    Nozza86 wrote: »
    Me and my girlfriend are having the exact same problem - we were ready to claim our 25% bonus on the 1st Feb after both saving £1600 in each of our ISA's but have yet to receive the bonus!!

    We were advised by our solicitor to not close our ISA's down yet as the firm are still unable to request the funds from the government scheme as their 'portal' or 'system' has not gone live yet... and it still hasn't!! The seller has held on for us anyway so this further delay really worries me!

    I am also worried that when we do get the green light we'll find out that we can't actually use the bonus towards our deposit and it will just come off the purchase price?! - In which case won't benefit us at all right now!

    Any help or info would be greatly appreciated!!!??

    This is what I am concerned about as well, it's all very vague and ambiguous. I have plenty of standby funds so I am not relying on the bonus, but I worry the account has been for nothing (or £12 interest).

    It's crazy that they knew people could start claiming the bonus from the start of February, yet the system to do so wasn't up and running by the end of February!
  • colsten
    colsten Posts: 17,597 Forumite
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    see http://forums.moneysavingexpert.com/showthread.php?t=5422674
  • Nozza86
    Nozza86 Posts: 3 Newbie
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    I'm starting to think that the success story article about the couple who got their £800 bonus a day after closing down their ISAs on 1st Feb is a complete fabrication!!

    Not one person on this forum has managed to claim their bonus yet. We were ready to close down on 1st Feb but our solicitors are still unable to request the bonus from the government and the delay is with the government not them!
  • colsten
    colsten Posts: 17,597 Forumite
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    I would have thought MSE will have checked the veracity of their story, and I reckon your solicitor is telling you porkies.

    "Government" isn't involved in the administration of the scheme. You can contact the administrator via an online form: https://www.helptobuyisaadmin.org.uk/consumer/contact

    Your solicitor might find this site helpful: https://www.helptobuyisaadmin.org.uk/conveyancers/the-scheme
  • Marblehead_2
    Marblehead_2 Posts: 16 Forumite
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    There is also a thread from 17 Feb with the title "Help to Buy ISA Bonus Claim Rejected!", where someone applied and then got a call saying they were ineligible. The solicitors were not on the panel, so were not able to claim the bonus for the client. I can't post a link as I am new to the forum.

    There are various articles around about the struggles and takeovers UKAR (the administrators) are going through, which suggests that there may be a reason for the system being a bit of a shambles, if indeed it is. However, the thread from the person who was rejected appears to show that claims are being looked at swiftly once they are submitted (even though this person didn't get the outcome they were hoping for).
  • Sal_1507
    Sal_1507 Posts: 2 Newbie
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    Background: I'm a newly qualified doctor (6 months now) and I have never had an ISA account. I'm looking to buy a house in 3-4 years time.

    Question:

    Shall I open a Cash ISA in this tax year (before April 6th 2016) and then a Help To Buy ISA with Halifax (4% interest) after April 6th? (Is this even possible??) OR

    Open a Split ISA with Aldermore (2%) after April 6th 2016?

    I don't think i'm allowed to open a Cash ISA and Help to Buy ISA in the same tax year, therefore i'm left with one of the above two options.

    Thank you!
  • badger09
    badger09 Posts: 11,206 Forumite
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    Open the Halifax HTB ISA now.

    Don't bother with another cash ISA - rates are rubbish. Have a read around the forum and the main site - lots of information on the best ways to maximise your savings.
  • jimjames
    jimjames Posts: 17,619 Forumite
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    edited 3 March 2016 at 7:31PM
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    Sal_1507 wrote: »
    therefore i'm left with one of the above two options.
    No you're not! There is another far better option, just open HTB ISA now. There is absolutely no need to open a normal cash ISA at all if you are saving to buy a house. HTB ISA pays the best rate and then remaining savings can be in current accounts.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • colsten
    colsten Posts: 17,597 Forumite
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    jimjames wrote: »
    No you're not!
    Strictly speaking, you are [allowed to open more than one cash ISA each tax year]. The restriction is about paying into more than one ISA in the same tax year, regardless of when it was opened. Some split ISA providers allow both, but as you say, there is really no point to saving into anything but an HTB ISA, especially for those who qualify for the HTB ISA.
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