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Help to Buy ISA guide

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
2.1K replies 336.7K views
Former_MSE_Sam_MFormer_MSE_Sam_M MSE Staff
346 posts
MSE Staff
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings

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  • really useful article, especially the details of the ISAs you can split so as not to lose the rest of the allowance.
    Thanks:T
  • My husband and I are buying our first home in January/February (Feb looking more likely) under the shared ownership scheme.

    Two questions about the HTB ISA:

    1) Will we be able to get the bonus? I've seen somewhere that the minimum bonus is £400. If we are moving in February and deposit the max initial and follow up sums, that's not enough time to accrue £400 is it?

    2) We are buying in my husband's name as I am his dependent presently. Assuming that I cannot also have a HTB ISA, but can you confirm this please?

    Many thanks
  • PS..I read this in the guide but can't get my head around it.. think we will JUST miss out? Its a new build so not sure how long we will be able to delay for..

    "The minimum amount you need to get a bonus is £1,600 (you would get £400) and while that takes ‘three months’ to do, in practice you can do it far quicker. The reason it’s three months' worth is because you can deposit £1,200 in month one then up to £200 in each subsequent month.

    Yet as a month is a calendar month, in practice you may be able to do this far more quickly, if the dates fall for you.

    For example you could put £1,200 in on 31 January, then £200 in during February, and the final £200 in on 1 March just 30 days later and you’d be ready to go.
    Therefore, assuming you're eligible, even if you have savings elsewhere, if you won't be needing your deposit for the next month, it's worth moving what you can into the Help to Buy ISA to get the bonus."
  • edited 1 December 2015 at 5:20PM
    taintain Forumite
    623 posts
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    edited 1 December 2015 at 5:20PM
    My husband and I are buying our first home in January/February (Feb looking more likely) under the shared ownership scheme.

    Two questions about the HTB ISA:

    1) Will we be able to get the bonus? I've seen somewhere that the minimum bonus is £400. If we are moving in February and deposit the max initial and follow up sums, that's not enough time to accrue £400 is it?

    2) We are buying in my husband's name as I am his dependent presently. Assuming that I cannot also have a HTB ISA, but can you confirm this please?

    Many thanks


    Are you moving in February, or starting the process in Feb? Unless you've already started negotiations for the house, it will take a few months to finalise, which should give you the extra bonus you're looking for.


    But all the same, opening a HTB ISA now then closing it even on 2nd Feb will be enough time, as long as you deposit your £200 on 1st Feb.


    (Edit: To explain this better - open an account today, deposit today/January/February, get 3 months bonus = £1600/£400 = enough to qualify. Withdrawal date makes no difference, it's the deposit date that counts)
  • edited 1 December 2015 at 5:30PM
    taintain Forumite
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    500 Posts Debt-free and Proud!
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    edited 1 December 2015 at 5:30PM
    No idea about dependents btw. But if your name isn't on the title deed then no, you can't get a HTB ISA as well. I can't think of any reason why you wouldn't be though? Even if you don't earn any money, you're married so it should be a joint application - even for your own security.
  • colstencolsten Forumite
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    Do I have to be on the mortgage of the property I am buying?
    No. However, your name will have to be on the Title Deed of the property.

    - See more at: http://www.helptobuy.gov.uk/help-to-buy-isa/faq#sthash.cRHeff6g.dpuf
  • taintain Forumite
    623 posts
    500 Posts Debt-free and Proud!
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    colsten wrote: »

    Ah my bad - got my wording wrong.
  • tain wrote: »
    No idea about dependents btw. But if your name isn't on the title deed then no, you can't get a HTB ISA as well. I can't think of any reason why you wouldn't be though? Even if you don't earn any money, you're married so it should be a joint application - even for your own security.

    Thanks so much for the clarification, Tain. I think we'll be able to get the £400 boost then! Wonderful. We recently discovered I am unexpectedly pregnant (:eek:) so every penny of help is just brilliant.

    Our mortgage broker advised us to do the mortgage just in my husband's name, and then once we have moved get an "agreement of trust" sorted for my security. My husband has already applied for the mortgage...
  • Hmm.. so if its related to the title deeds rather than the mortgage, how would we go about getting my name put on them? Would it effect the mortgage application? Any guidance is gratefully received.
  • colstencolsten Forumite
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    I am shocked that this guide doesn't mention that people can save any non-HTB money they might have into Regular Savings (aka Monthly Savings at some banks) and current accounts.
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