Help to Buy ISA guide
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Thanks for your reply. One question is what do the government get out of helping out? My friends convinved that the government will take a percentage of the house when you buy it!
Stamp duty revenues - which is based on a percentage of the house price.
They will give with one hand - and then take it away with another. Albeit this won't apply to FTB's buying below the £120k threshold.0 -
You need to check the T&Cs of the ISA. Some give you 21 days for your first deposit. Others may/will have different rules.0
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My husband and I are both first time buyers and have a Halifax help to buy ISA each.
We've paid in £1200 in the first month, and £200 per month following that. We are due to exchange contracts mid march by which point we'll have:
£1200 - Dec
£200 - Jane
£200 - Feb
£200 - Mar
=£1800 per ISA
=£450 Bonus Money from Government.
x 2 ISAs we should have £950 bonus.
I've kept an extra £950 aside as Im not convinced it'll all go through (just being cautious)
Has anyone cashed their's in yet? How does the process work from here?
Thank you0 -
I'm in the process of buying a new build and have been told I cannot claim the bonus for my deposit by my solicitor..........Is this correct? Also I cannot cash in now and still receive it as the solicitors can only hold on to funds for 3 months. Basically I'm being told I can only claim when the purchase completes. Seems a complete sham to me. Anyone else had similar experience?0
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I'm in the process of buying a new build and have been told I cannot claim the bonus for my deposit by my solicitor..........Is this correct? Also I cannot cash in now and still receive it as the solicitors can only hold on to funds for 3 months. Basically I'm being told I can only claim when the purchase completes. Seems a complete sham to me. Anyone else had similar experience?0
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Can I transfer an old cash ISA (that I haven't paid money into this year) to a new cash ISA the same year as opening a help to buy ISA?0
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Yes, you can.
Whether it's sensible to do so is another story - as posted ad infinitum on here, keeping money in non-HTB cash ISAs is rarely a good idea as there are almost always many better places for your money, see post 695 above among many others.0 -
A couple of questions: -
Can someone who is not a first time buyer take out one of these isas just for the good interest rate?
I have already bought a property. My future wife has not, and would be able to take out one of these isas. However after we are married we would like to both be listed on the house deeds (there is no mortgage to worry about). Will that affect her ability to get the bonus, as she is on the house deeds? She didn't however purchase the property, that was myself last year..0 -
However after we are married we would like to both be listed on the house deeds (there is no mortgage to worry about). Will that affect her ability to get the bonus, as she is on the house deeds?Can I buy a property without a mortgage?
No. The property you are buying must be mortgaged in order to be eligible for the government bonus.0
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