Help to Buy Isa

Julesmarket

Can anyone tell me can you open an Help to Buy Isa in someone elses name? ie - our son can't afford at this moment in time to open one but we could afford to pay into one on his behalf? Is this possible? Many thanks.

westy22

Presuming he's over 16 and a FTB then he would need to open it himself and provide his NI number and make the necessary declarations.

Subscriptions to ISAs normally need to come from an account in the holder's own name so you would need to transfer the money to his bank account and then he would feed the HISA from his bank.

Bear in mind that once you give it to him it is his to use as he wishes.

Julesmarket

Thanks Westy22 - thought that might be the case! I have a feeling that if we just transfer the money to his account it might get swallowed up paying other things rather than saving! Hey ho!

colsten

I don't think the money must come from an account in the ISA holder's name.

Singo1988

Hi I am new to this forum today

Could you help me out

I have already paid into a cash ISA this year, is there any way I can open a help to buy ISA this tax year?
If I close my current ISA and loose my interest is it possible to open the help to buy ISA?

Cheers

Singo1988

Hi I am new to this forum today

Could you help me out

I have already paid into a cash ISA this year, is there any way I can open a help to buy ISA this tax year?
If I close my current ISA and loose my interest is it possible to open the help to buy ISA?

Cheers

jhyt89

I would say you'd have to wait until April next year.

xylophone

Can anyone tell me can you open an Help to Buy Isa in someone elses name? ie - our son can't afford at this moment in time to open one but we could afford to pay into one on his behalf? Is this possible? Many thanks.

Once he has set up the account you could pay in by SO from your bank?

danieltokely

For the Help to Buy ISA, are you liited to what you can put in, ready for when you wish to get a mortgage for your first home?
I plan to buy my first home in January 2017, so if I open an HtB ISA today, deposit £1,200 then £200 every month thereafter, as per max limit, the maximum I would get a 25% bonus on is £3,800 [13 lots of £200 and £1,200] giving a bonus of £950? Or can I dump in £8,000 or so from other savings I have a month before i get a mortgage say, so i qualify for the full £3,000 bonus?

rrlafferty

Looking for help. My mum did a transfer of equity of her house into my name. Does this make me ineligible as first time buyer even if ive never had a mortgage?

jimjames

danieltokely wrote: »

F Or can I dump in £8,000 or so from other savings I have a month before i get a mortgage say, so i qualify for the full £3,000 bonus?

No. You can only put in £200 per month and get the bonus on that. Even so it's still a pretty good boost to a deposit though.