Help to Buy ISA guide
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Hi,
I am currently looking for a property and i was just wondering if anyone can share any experience of using the HTB Isa at mortgage stage?
I may potentially have more in it than the 10% deposit required for example if the property price is £140000 and its £14K deposit, but i have £15500 already in the ISAs (me and OH have one each) with bonus excluding interest. I have searched everywhere but can't seem to find any answers!
would i just borrow less on the application as the bonus money has to be paid off the mortgage at completion?
Thanks0 -
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Hi all! Hoping someone can pit my mind at ease! I opened a help to buy ISA last June and put in the first months allowance of £1200. A month later an emergency cropped up and I needed the money back and so took it out. I got a bonus in Feb and opened a new HTB ISA with another provider and put another £1200 in followed by £200 in March! Have I done something daft here? I completely forgot the 1st ISA was opened until I got a statement through the post today showing I accrued £6ish in interest for the time it was in the wrapper. Should i have closed the 1st one before opening the 2nd one? If i transfer the 2nd into the 1st will that solve things!
Any advice welcome just to put my mind at rest as im panicking a bit!0 -
robinbanks123 wrote: »Hi all! Hoping someone can pit my mind at ease! I opened a help to buy ISA last June and put in the first months allowance of £1200. A month later an emergency cropped up and I needed the money back and so took it out. I got a. Onus in Feb and opened a new HTB ISA with another provider and put another £1200 in followed by £200 in March! Have I done something daft here? I completley forgot the 1st ISA was opened until I got a statement through the post today showing I accrued £6ish in interest for the time it was in the wrapper. Should i have closed the 1st one before opening the 2nd one? If i transfer the 2nd into the 1st will that solve things!
Any advice welcome just to put my mind at rest as im panicking a bit!
I think you are going to find it hard to get a definitive answer. Phoning HMRC for advice might be your best bet.0 -
Hi
Looking for some advice on whether this is allowed before proceeding...
My partner does not have the funds to save into the help to buy isa scheme but would like to.
Is it allowed to transfer money into an account they own (A standard current account), to which they can they transfer into a help to buy isa account which they open in their name?
The part I'm not sure about is the fact I already have a help to buy isa but I would in a sense be paying into both accounts so am curious as to whether or not they then would be able to claim back a bonus ok? We both would be purchasing our first house and meet the criteria ok.
Any help appreciated!0 -
Hi
Looking for some advice on whether this is allowed before proceeding...
My partner does not have the funds to save into the help to buy isa scheme but would like to.
Is it allowed to transfer money into an account they own (A standard current account), to which they can they transfer into a help to buy isa account which they open in their name?
The part I'm not sure about is the fact I already have a help to buy isa but I would in a sense be paying into both accounts so am curious as to whether or not they then would be able to claim back a bonus ok? We both would be purchasing our first house and meet the criteria ok.
Any help appreciated!
Yes, you can do that. With the proviso that any money paid into your partner's account (ISA or non ISA) becomes legally theirs.0 -
Hi, sorry if this has been asked and answered already: I know that if I take an amount of money out of a HTB ISA for any reason other than to help pay for a house that I would lose the goverment bonus (I assume just for the amount that's taken out and not for what's left in the HTB -- is that correct?) but would I regain that bonus if I pay the same amount back in at a later date?
For example, say I have £1600 in the HTB and I take out £100 and lose the potential £400 bonus. If I paid back in £100 or more in the future, would I get the bonus back?0 -
Hippognome wrote: »Hi, sorry if this has been asked and answered already: I know that if I take an amount of money out of a HTB ISA for any reason other than to help pay for a house that I would lose the goverment bonus (I assume just for the amount that's taken out and not for what's left in the HTB -- is that correct?) but would I regain that bonus if I pay the same amount back in at a later date?
For example, say I have £1600 in the HTB and I take out £100 and lose the potential £400 bonus. If I paid back in £100 or more in the future, would I get the bonus back?0 -
Hi all.
I've got a HTB ISA at the moment and pay the 200 in on the 21st of each month as that's pretty much the date I opened it. But the monthly payments, are they every calendar month or every month after opening? If the former then I presume I can pay next months payment in tomorrow (1st) rather than 21st and it'll have that extra in before the cut off date for the HTB to LISA transfer calculation.
Thanks.0 -
I've got a HTB ISA at the moment and pay the 200 in on the 21st of each month as that's pretty much the date I opened it. But the monthly payments, are they every calendar month or every month after opening? If the former then I presume I can pay next months payment in tomorrow (1st) rather than 21st and it'll have that extra in before the cut off date for the HTB to LISA transfer calculation.0
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