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  • FIRST POST
    • Former MSE Sam M
    • By Former MSE Sam M 1st Dec 15, 3:23 PM
    • 238Posts
    • 159Thanks
    Former 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 67
    • masonic
    • By masonic 1st Apr 17, 7:41 AM
    • 9,126 Posts
    • 6,273 Thanks
    masonic
    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.
    Originally posted by jimmyhart
    Yes, you can bring your payment forward to the beginning of the calendar month.
    • atreides7887
    • By atreides7887 2nd Apr 17, 10:04 AM
    • 14 Posts
    • 2 Thanks
    atreides7887
    Is there still time?
    Hello,

    Does anyone know how long online applications with either Santander or Natwest (as an existing customer) take to open a new Help to Buy ISA? Will I have a chance to open and pay in the £1,200 before the end of the financial year?

    Regards,
    atreides7887
    • jimmyhart
    • By jimmyhart 2nd Apr 17, 11:11 AM
    • 21 Posts
    • 1 Thanks
    jimmyhart
    Yes, you can bring your payment forward to the beginning of the calendar month.
    Originally posted by masonic
    Thanks a lot, was always a little confused by that but that's good to know. I'll change my standing order shortly then to do the transfer tomorrow.
    • yecarolinas
    • By yecarolinas 14th Apr 17, 5:33 PM
    • 1 Posts
    • 0 Thanks
    yecarolinas
    Will it still be possible to start a HTB isa if my partner already owns a home?
    Hi, Does anyone know if I would still qualify for a HTB isa if my new partner already owns a property with someone else? We intend to buy a property together in a few years.
    • eskbanker
    • By eskbanker 14th Apr 17, 5:42 PM
    • 5,589 Posts
    • 5,425 Thanks
    eskbanker
    Hi, Does anyone know if I would still qualify for a HTB isa if my new partner already owns a property with someone else? We intend to buy a property together in a few years.
    Originally posted by yecarolinas
    Yes, see point 4 at http://www.moneysavingexpert.com/savings/help-to-buy-ISA#goldenrules:
    It's an individual product, couples are treated separately

    Help to Buy ISAs are for individuals, it's not about who's buying the house, it's simply about whether you're a first-time buyer. To make it plain:

    If you're a first-time buyer, buying with someone who's owned before, you CAN open one, they CAN'T.
    • Damorin
    • By Damorin 18th Apr 17, 3:22 PM
    • 3 Posts
    • 0 Thanks
    Damorin
    I made a wee bit of a mistake.

    I accidentally sent my £200 twice this month, forgetting that I had sent it earlier. I just called my bank and they explicitly said that it won't cause any problem and that I would still be entitled to the bonus.

    I just wanted to get some other viewpoints on this, is this really the case? What happens with the extra money that I sent?
    • eskbanker
    • By eskbanker 18th Apr 17, 3:41 PM
    • 5,589 Posts
    • 5,425 Thanks
    eskbanker
    What happens with the extra money that I sent?
    Originally posted by Damorin
    Under the rules of the scheme they aren't allowed to accept more than £200 into a HTB ISA in any given month so my expectation would be that they'll return it to you. It won't jeopardise anything with the money that's already legitimately there though....
    • Ed-1
    • By Ed-1 18th Apr 17, 4:20 PM
    • 2,003 Posts
    • 1,082 Thanks
    Ed-1
    I made a wee bit of a mistake.

    I accidentally sent my £200 twice this month, forgetting that I had sent it earlier. I just called my bank and they explicitly said that it won't cause any problem and that I would still be entitled to the bonus.

    I just wanted to get some other viewpoints on this, is this really the case? What happens with the extra money that I sent?
    Originally posted by Damorin
    Which bank is it?

    The general customer service call handlers might not know the specifics of the account. There will be systems in place to remove the excess funds.
    • Damorin
    • By Damorin 18th Apr 17, 5:10 PM
    • 3 Posts
    • 0 Thanks
    Damorin
    Which bank is it?

    The general customer service call handlers might not know the specifics of the account. There will be systems in place to remove the excess funds.
    Originally posted by Ed-1
    Barclays.

    So far it seems they have accepted it. The funds are showing up in it, but it was only yesterday so I will keep an eye on it.
    Last edited by Damorin; 18-04-2017 at 5:19 PM. Reason: Forgot to quote
    • Ed-1
    • By Ed-1 18th Apr 17, 6:21 PM
    • 2,003 Posts
    • 1,082 Thanks
    Ed-1
    Barclays.

    So far it seems they have accepted it. The funds are showing up in it, but it was only yesterday so I will keep an eye on it.
    Originally posted by Damorin
    Most banks would initially accept a payment in where systems are not clever enough to reject it automatically. But there will be systems in place as it's a HMRC requirement to comply with the terms of the account for excess payments in to flag up and the payment will then be manually removed and they might write to you.
    • Perry81
    • By Perry81 19th Apr 17, 7:22 PM
    • 1 Posts
    • 0 Thanks
    Perry81
    Hi I've ran into problems with my Help to Buy ISA, my solicitor didn't claim the bonus ahead of purchase and now I'm left high and dry. Solicitor has said that she tried to resolve the problem but has been unable to. I can't seem to find any contact details for the scheme. Has anyone complained/queried help to buy isa in the past? Contact details would be useful.
    • masonic
    • By masonic 19th Apr 17, 8:00 PM
    • 9,126 Posts
    • 6,273 Thanks
    masonic
    Hi I've ran into problems with my Help to Buy ISA, my solicitor didn't claim the bonus ahead of purchase and now I'm left high and dry. Solicitor has said that she tried to resolve the problem but has been unable to. I can't seem to find any contact details for the scheme. Has anyone complained/queried help to buy isa in the past? Contact details would be useful.
    Originally posted by Perry81
    The only person you have recourse against is the solicitor. If the bonus was not received and used for the purchase then you are no longer entitled to it. If that was the result of negligence on the part of the solicitor, then you could try pursuing a complaint.
    • Gil.I.Am
    • By Gil.I.Am 30th Apr 17, 7:51 PM
    • 6 Posts
    • 1 Thanks
    Gil.I.Am
    Help to Buy ISA/getting married
    My partner and I will be buying a house soon, but I won't be going on the mortgage as I was recently made redundant and am not working at the moment, but I took out a HTB ISA a few months ago. We will probably get married in the next year so I understand this would automatically make me a co-owner of the house - does that mean it is pointless for me to keep putting money in the HTB over the next year as me having an interest in a property would then make me ineligible for the bonus? Or should I keep putting money in and then if/when we move in a few years' time I could still take advantage of the HTB bonus?

    Thanks in advance
    • Gil.I.Am
    • By Gil.I.Am 4th May 17, 8:51 PM
    • 6 Posts
    • 1 Thanks
    Gil.I.Am
    Anyone? Not sure if this got missed over the bank holiday
    • masonic
    • By masonic 4th May 17, 9:07 PM
    • 9,126 Posts
    • 6,273 Thanks
    masonic
    Anyone? Not sure if this got missed over the bank holiday
    Originally posted by Gil.I.Am
    It's true that the home would be treated as a marital asset in a divorce settlement. Whether that is sufficient to qualify as a legal interest for the purposes of the HTB ISA scheme, I am not sure, but it seems likely it would.

    What I am confused about is why the mortgage provider would not have you on the mortgage just because you don't currently have an income. You would be jointly and severally liable, so there is no downside to them in having you on there, and if you start working again then that de-risks the arrangement for them.
    • Gil.I.Am
    • By Gil.I.Am 5th May 17, 1:27 PM
    • 6 Posts
    • 1 Thanks
    Gil.I.Am
    Thanks Masonic

    I think it may have been due to a car I have on finance and some credit card debt (around 3k I have that I have just been paying off in installments as it's all currently interest-free) increasing our outgoings, which makes sense as my gf basically only has food/travel etc as she doesn't own a car, then as I say I was thinking it might be better if we just got this house under my partner anyway and then I could possibly still save in my HTB, and then buy again in future as a first time buyer and use my HTB bonus at that point
    • kieran91
    • By kieran91 12th May 17, 2:45 PM
    • 3 Posts
    • 0 Thanks
    kieran91
    Hi quick question, sorry if its been covered but difficult to find amonst 67 pages of comments.

    Currently in the process of buying a house.

    House price 158,000
    Deposit in my HTB ISA: 4,000
    Deposit in partners HTB ISA: 4,000

    So we will receive a bonus of £2,000

    Mortgage for 150,000 so we will have £160,000 in the pot at completion so 2,000 too much, will we receive this money from our solictor?
    • eskbanker
    • By eskbanker 13th May 17, 12:47 AM
    • 5,589 Posts
    • 5,425 Thanks
    eskbanker
    Mortgage for 150,000 so we will have £160,000 in the pot at completion so 2,000 too much, will we receive this money from our solictor?
    Originally posted by kieran91
    No, you should adjust the deal so you only take a mortgage of £148K.
    • kieran91
    • By kieran91 15th May 17, 10:08 AM
    • 3 Posts
    • 0 Thanks
    kieran91
    Thanks eskbanker. We have already had a mortgage offer of £150,000 and we would also like to use the extra cash for renovations/decoration, is the option of creating the £2,000 surplus not possible at all? Would the option have to be to reduce the amount in the ISA's to £6,400 which would rise to £8,000 on completion when the bonus is received, this way we could use the £1,600.
    • Nishjones9733
    • By Nishjones9733 15th May 17, 6:19 PM
    • 3 Posts
    • 1 Thanks
    Nishjones9733
    Hi please can anyone help. If the max you can put into a HTB ISA is 200 per month, it will take me 4 years to save the 12000 to get the max bonus, has anyone any tips on how to save more to shorten this time please ?
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