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  • FIRST POST
    • MSE Sam M
    • By MSE Sam M 1st Dec 15, 3:23 PM
    • 190Posts
    • 148Thanks
    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 60
    • eskbanker
    • By eskbanker 5th Sep 16, 4:16 PM
    • 3,640 Posts
    • 3,258 Thanks
    eskbanker
    The key with him is just to get him saving because if he has it available he just pees it up against a wall and has zero to show for it!
    Originally posted by GrahamJeffs
    But what's the problem with that?

    Sorry, that probably sounds unduly flippant but what I'm meaning is what's the consequence of him not saving? The reason I asked before was to ascertain objectives, i.e. if he wants something enough then he should find a way, but if there's no real motivation to save then it's always going to be an uphill battle....

    Anyway, given your day job you won't need me to tell you basic stuff like that - going back to your original question then you could open any sort of account in your name(s) and look after money for him, except that an HTB ISA is unlikely to be viable, start at http://www.moneysavingexpert.com/savings/which-saving-account
    • GrahamJeffs
    • By GrahamJeffs 5th Sep 16, 4:41 PM
    • 10 Posts
    • 0 Thanks
    GrahamJeffs
    He wants to save but cannot do it. We are fed up with him moaning about it and doing nothing.

    I think I'll get him to open an on line one and use our email address and we will set the password so he cant access it. We'll also do something similar with an high interest account for any extra he can save above the £220pm limit

    Graham
    • ARCOOMBS
    • By ARCOOMBS 14th Sep 16, 11:15 AM
    • 1 Posts
    • 0 Thanks
    ARCOOMBS
    Santander Help to Buy
    I set up a Santander Help to Buy ISA originally receiving 4% interest. I noticed Santander now only offer 1.5% when opening a new account. Am I still receiving the 4% or am I now receiving 1.5%? I have not received a letter stating any change in the rates I'm receiving. Santanders interest rate finder says 4% on there however how do I know if my Help to Buy ISA is Issue 1, 2 or 3?

    Thanks.
    • eskbanker
    • By eskbanker 14th Sep 16, 11:59 AM
    • 3,640 Posts
    • 3,258 Thanks
    eskbanker
    how do I know if my Help to Buy ISA is Issue 1, 2 or 3?
    Originally posted by ARCOOMBS
    Paperwork from when you opened the account or online banking should specify, but the rate drop from 4% was on 23 May so if you opened before that then you should still be receiving 4% unless you were notified of a rate reduction - I believe their rate drops applied to new customers rather than existing ones. Send them a secure message to be 100% sure....
    • slinga
    • By slinga 15th Sep 16, 9:53 AM
    • 931 Posts
    • 187 Thanks
    slinga
    http://blog.moneyfarm.com/en/isas/death-cash-isa/?utm_source=outbrain.com&utm_medium=content&utm_co ntent=isa&utm_campaign=uk_awareness

    Has this been posted.

    I've made a few posts over the years about cash ISAs but this may be the last.
    It's your money. Except if it's the governments.
    • Porky_Pete
    • By Porky_Pete 18th Sep 16, 6:29 PM
    • 1 Posts
    • 0 Thanks
    Porky_Pete
    Help to buy ISA rules
    Hi,
    If I open a Help to Buy ISA is the limit £2,400 per tax year and does that mean I can open a new one after 6th of April with £1,200 and add another £200 p.m. as thinking of buying a house in June or is it from the date you opened the account... Thanks in advance for your help
    • Pound
    • By Pound 18th Sep 16, 8:06 PM
    • 2,541 Posts
    • 1,222 Thanks
    Pound
    I made a £200 deposit on the day I opened the account, 20 Jul. I made my next payment on 30 Aug by Standing Order.

    Have I missed a month by doing this, ie. does the ISA month start in the middle of the month?

    • eskbanker
    • By eskbanker 19th Sep 16, 12:01 AM
    • 3,640 Posts
    • 3,258 Thanks
    eskbanker
    Hi,
    If I open a Help to Buy ISA is the limit £2,400 per tax year and does that mean I can open a new one after 6th of April with £1,200 and add another £200 p.m. as thinking of buying a house in June or is it from the date you opened the account... Thanks in advance for your help
    Originally posted by Porky_Pete
    The limit isn't based on tax years, it's a simple £200 per month, plus an extra one-off £1,000 in the first month (once only, not once per tax year if that's what you were suggesting).
    • eskbanker
    • By eskbanker 19th Sep 16, 12:05 AM
    • 3,640 Posts
    • 3,258 Thanks
    eskbanker
    I made a £200 deposit on the day I opened the account, 20 Jul. I made my next payment on 30 Aug by Standing Order.

    Have I missed a month by doing this, ie. does the ISA month start in the middle of the month?
    Originally posted by Pound
    It's calendar months (see https://www.helptobuy.gov.uk/help-to-buy-isa/faq/#009a24ea-e1f7-648f-8ce9-ff0000ad17aa), so you've successfully made your July and August contributions (although missed the opportunity to pay an extra one-off £1,000 in the first month) and have another 12 days to make your September one.
    • JessicaRoberts
    • By JessicaRoberts 20th Sep 16, 12:20 PM
    • 1 Posts
    • 0 Thanks
    JessicaRoberts
    Help to Buy ISA?
    Hi,

    My husband and I have recently moved in with his parents to save money to buy our first house. We can afford to save between £500/£600 each a month. I thought about doing a help to buy ISA in both our names but then not sure where to put the remainder of our savings? Should I do the split ISA?

    Any advice would be very much appreciated.
    Many Thanks
    Jess
    • eskbanker
    • By eskbanker 20th Sep 16, 1:24 PM
    • 3,640 Posts
    • 3,258 Thanks
    eskbanker
    My husband and I have recently moved in with his parents to save money to buy our first house. We can afford to save between £500/£600 each a month. I thought about doing a help to buy ISA in both our names but then not sure where to put the remainder of our savings? Should I do the split ISA?
    Originally posted by JessicaRoberts
    It certainly makes sense to open an HTB ISA each, but non-HTB cash ISAs are unlikely to be best for the rest given the poor rates on offer - investigate regular savings accounts and/or high-interest current accounts, see http://www.moneysavingexpert.com/savings/which-saving-account for further details.
    • Gwinike
    • By Gwinike 22nd Sep 16, 11:42 AM
    • 9 Posts
    • 0 Thanks
    Gwinike
    Hi,

    I have a question. I have a HTB ISA from December 2015 and my husband has got one as well. We are planning to buy a house in December this year. We would get 2000 Pounds alltogether as 25% from the State as bonus on our savings. Can we use this money to pay the solicitors or not? Can we put this money as deposit? They say it is payable upon completion, so you can't use it with your purchase. Is it true? So we can't even count with that 2000 Pounds?

    Thank you, Monika
    • misseve
    • By misseve 5th Oct 16, 4:11 PM
    • 2 Posts
    • 0 Thanks
    misseve
    Cash ISA and HTB ISA
    Hi,

    Any advice appreciated,

    I have £6250 in a cash ISA I opened in 2014, which I put £250 a month in, so I have deposited this tax year. I now want to open a HTB ISA, so I went into Nationwide to enquire about the ISA split. They didn't seem to know what they were talking about and said I would have to wait until April 2017 to open a HTB ISA due to my existing cash ISA with Halifax.

    Would I be better off closing my cash ISA, opening a HTB ISA and then putting the remaining money from my existing ISA in a normal savings account with a higher interest rate? And would I be allowed to do this?

    Thanks in advance.
    • Ed-1
    • By Ed-1 5th Oct 16, 4:27 PM
    • 1,498 Posts
    • 810 Thanks
    Ed-1
    Hi,

    Any advice appreciated,

    I have £6250 in a cash ISA I opened in 2014, which I put £250 a month in, so I have deposited this tax year. I now want to open a HTB ISA, so I went into Nationwide to enquire about the ISA split. They didn't seem to know what they were talking about and said I would have to wait until April 2017 to open a HTB ISA due to my existing cash ISA with Halifax.

    Would I be better off closing my cash ISA, opening a HTB ISA and then putting the remaining money from my existing ISA in a normal savings account with a higher interest rate? And would I be allowed to do this?

    Thanks in advance.
    Originally posted by misseve
    A help to buy ISA is a cash ISA. You are only allowed to pay into one cash ISA in a tax year. Nationwide count all cash ISAs held with them as a single cash ISA which is where the 'split' ISA thing comes in. You need to keep all current year ISA subscriptions together so you could transfer your current year subscriptions in your Halifax cash ISA to a Nationwide cash ISA then open a Nationwide help to buy ISA and pay into that. Or you could close your Halifax cash ISA completely (you can do this only once in a tax year) and then open any help to buy ISA and pay into that, moving excess funds to high-interest current accounts such as TSB classic plus and Club Lloyds (read up about how to service these accounts on a monthly basis). Note if you do the latter you can't pay into another cash ISA while you pay into a help to buy ISA unless the provider allows split ISA contributions. But as cash ISA rates are so low anyway this doesn't matter.
    Last edited by Ed-1; 05-10-2016 at 4:29 PM.
    • misseve
    • By misseve 6th Oct 16, 11:57 AM
    • 2 Posts
    • 0 Thanks
    misseve
    Thank you, so much more helpful than the staff at Nationwide.
    • robert_wynne_jones
    • By robert_wynne_jones 6th Oct 16, 2:08 PM
    • 20 Posts
    • 0 Thanks
    robert_wynne_jones
    Myself and my girlfriend are 3/4 of the way through buying our first house. We both have the help to buy isa's and both have £2800 in each (we've been drip feeding it for several months!).

    So 25% of that would give us £700 each and £1400 in total.

    Our solicitor has been very sketchy on the details and not much help at all.

    What is the process exactly to claiming it all? There's £5600 in savings in total there, will that go towards the deposit along with the 25%? (Making £7000 total) How much of a cut will the solicitor take out of that for themselves? I'd imagine it's a fair chunk knowing them!! (We've already paid their fees)

    Any help much appreciated.
    • Super_Swifty
    • By Super_Swifty 6th Oct 16, 5:00 PM
    • 2 Posts
    • 0 Thanks
    Super_Swifty
    Hi guys,

    I've been searching for an answer to this on MSE's site, the govt. site and the forum but not managed to find it (I have seen it asked twice in this thread but not answered yet). I only skimmed the first 10 pages of this not all 60 so apologies if it has been asked already.

    I'm wanting clarification on what the £250k limit covers. The government website states "a purchase price of up to £250k" but what does this mean exactly?

    Is this just the price agreed on the house? Does it have to include stamp duty or other non-direct fees?

    I'm looking at a few new builds on the market at £262-264k. If I manage to negotiate the price down to £250k would I then be able to use the bonus from the H2B ISA account that I've been paying in to? Even if the stamp duty, fees etc bump the "cost" back over £250k?

    I'm not sure whether it's relevant to my question but we will be looking to use the H2B equity loan in conjunction with the H2B ISA, which I've read is perfectly fine, but I don't know if these circumstances change my query.

    Many thanks.
    • eskbanker
    • By eskbanker 6th Oct 16, 7:42 PM
    • 3,640 Posts
    • 3,258 Thanks
    eskbanker
    I'm wanting clarification on what the £250k limit covers. The government website states "a purchase price of up to £250k" but what does this mean exactly?

    Is this just the price agreed on the house? Does it have to include stamp duty or other non-direct fees?

    I'm looking at a few new builds on the market at £262-264k. If I manage to negotiate the price down to £250k would I then be able to use the bonus from the H2B ISA account that I've been paying in to? Even if the stamp duty, fees etc bump the "cost" back over £250k?
    Originally posted by Super_Swifty
    It's the actual price of the property itself, not stamp duty or fees, see https://www.helptobuy.gov.uk/documents/2015/12/scheme-rules.pdf:
    Purchase Price” means:

    (a) in connection with the acquisition of any interest in land other than under the terms of a Regulated Home Purchase Plan, the value of the consideration required to be paid, and which is paid, by the purchaser under the sale and purchase agreement entered into in connection with the acquisition of that interest in land (excluding, for the avoidance of doubt, any consideration attributed to the purchase of any fixtures and/or fittings); and

    (b) in connection with the acquisition of any interest in land under the terms of a Regulated Home Purchase Plan, the value of the consideration required to be paid, and which is paid, to the original seller for the legal interest in that land (excluding, for the avoidance of doubt, any consideration attributed to the purchase of any fixtures and/or fittings).
    • Super_Swifty
    • By Super_Swifty 7th Oct 16, 9:04 AM
    • 2 Posts
    • 0 Thanks
    Super_Swifty
    Thank you for your help
    • masseyattack
    • By masseyattack 10th Oct 16, 10:56 AM
    • 10 Posts
    • 0 Thanks
    masseyattack
    Help to Buy Closure Delay
    I discovered an annoying wrinkle with these ISA's today.

    I've just been given my completion date on a new build which is less than two weeks away. The conveyancer now says, close our Help to Buy ISAs, and send closure statements to them at least a week before completion. But NatWest send out the completion form 5-7 business days after closure. It's going to be tight!
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