Help to Buy ISA guide

paulc056

Hello. Can I save £10K next year in a H2B ISA and still receive the 25%? Or only on the £2400?

Thanks

Paul

jimjames

Sparkling wrote: »

Could someone please tell me if I would be eligible for the Government bonus in a HTB ISA as a first time buyer jointly purchasing a house in London which is priced over the £450K limit with a partner who is non-eligible (my half of purchase would be below this amount)?

No, it's the same reply as your question originally
https://forums.moneysavingexpert.com/discussion/5372067

jimjames

paulc056 wrote: »

Hello. Can I save £10K next year in a H2B ISA and still receive the 25%? Or only on the £2400?

Nope. It's only on the limited money paid in per month. You can't put more in than the monthly amount.

Disco12

Hi all,

I have a couple of queries which I'd like ironed out.

1) I live in Hertfordshire and the house prices here are rocketing, which makes getting a decent house under the £250k mark pretty hard. Does the £250k max house price apply for individuals or can you combine for up to £500k? e.g if my partner and I were buying individually we still have the £250k limit for separate houses, but if my partner and I buy a house together is there still the £250k limit?

2) If we want to buy a house over the £250k limit, I assume we wouldn't get the bonus, but would we still receive the H2B interest rate?

Thanks in advance!

sam348s

mikheh wrote: »

Starting saving for a mortgage with my girlfriend. I will be a first time buyer but she has bought before in a previous relationship. We currently privately rent.
My question is, will I be able to save into a Help-To-Buy ISA and still claim the bonus when we finally buy even though it'll be a joint mortgage?
Mike

According to the HTB Guide yes, 'If you're a first-time buyer, buying with someone who's owned before, you CAN open one, they CAN'T'

mikheh

sam348s wrote: »

According to the HTB Guide yes, 'If you're a first-time buyer, buying with someone who's owned before, you CAN open one, they CAN'T'

Thanks sam348s. I understand that she can't open a HTB ISA.


Would I be eligible for the 25% bonus when we buy on MY savings from MY HTB ISA because I am a first time buyer or would the fact that it's a joint mortgage with her mean I'm not eligible?


Thanks
Mike

aoc_2

jimjames wrote: »

Depending on the amounts you may find it better to draw all the money out of the old cash ISA and keep it in a high interest current account & use it to fund the HTB ISA if you can't add £200 every month. A split ISA is still pointless for most people.

I have more than 10k in an ISA from a previous year. Wouldn't I be taxed if it is in a high interest current account rather than the HTB Split ISA?

Thanks

jimjames

aoc wrote: »

I have more than 10k in an ISA from a previous year. Wouldn't I be taxed if it is in a high interest current account rather than the HTB Split ISA?

Thanks

You would. What's better though 5% taxed or 1% tax free?

aoc_2

jimjames wrote: »

You would. What's better though 5% taxed or 1% tax free?

Good point, thanks for your help!

kittywales

I opened a HTB ISA yesterday with the Halifax and deposited £100 believing I could top it up to £1000 in the first 21 days. They blocked me from depositing anymore and said only one deposit was allowed.

The govt website F&Q's state that
Q. 'Can I make multiple deposits into my Help to Buy: ISA during a single month?
A. Yes. As long as your provider’s terms and conditions allow it, you can make multiple deposits of up to £1,200 in your first month, and up to £200 in following months.
www help to buy gov uk

I had checked the Halifax T&C's beforehand and they state
'once your ISA is opened you have 21 days to pay in an initial deposit of up to £1,000'

Had the Halifax page stated 'only one transaction allowed' I wouldn't have done it, but I assumed that It could be done in multiples.

I have asked the Halifax if I can add more money or cancel in the 14 day cooling off period and open a new one elsewhere, but am very confused as no-one has answered fully yet, just telling me to ring different numbers which have lengthy queues. I haven't been able to find details on MSE F&Q's so would be most grateful if anyone can help please?

Thanks