Help to Buy ISA guide

hennerz

colsten wrote: »

They probably do if you open it online but you should be able do apply in Branch with just a transfer-in. I have done this before.

Before starting the ball rolling, I'd also first check whether Nationwide will allow you to move cash from the cash ISA to the HTB ISA.

I found this:

A Nationwide Help to Buy ISA can be opened with new savings, from existing Nationwide ISA savings or from the transfer in of ISA savings from another provider (up to £1,200 in line with scheme rules).

Just asked on Twitter and got a reply that you can do the 200/month also, but even just the 1200 in the first month would be worth it.

MARTYM8`

hennerz wrote: »

I found this:


Just asked on Twitter and got a reply that you can do the 200/month also, but even just the 1200 in the first month would be worth it.

Yes - that's correct. I have a family member who does that every month - they transferred in the initial £1200 via an isa transfer and also move the £200 a month from their NW prior year cash isa online into their HTB isa.

Been doing this since December I believe - and NW haven't raised any issues.

This also allows you to invest your full cash isa allowance if you wish - in addition to paying into your HTB isa as you are using prior year funds.

lcfcstephen

Hi all,

I am currently in the process of buying a house which is due to complete in a month! Should I email my solicitors to see when they recommend closing my Help to Buy ISA (I hadn't realised I needed to do this before now, so thank you for comment stating as such!)
I have also just got married, but my wife doesn't have a job so she isn't on the mortgage. She has a help to buy ISA, can we use that when we remortgage? Or will we have to do it when we buy a new property?
Also if/when we remortgage can we effectively pay off the 25% Help to Buy Loan as its a new build then, or do we have to pay it seperately?

brokengainz

Hi Stephen,

I may be able to help with your questions:

1. Make sure your soliior is registered wth the scheme, if they all the appropriate documentation such as your closing statement of your help to buy isa, bonuses can be processed and paid out in 5 working days. However this isn't always the case so get in touch with your solicitor straight away.
2. The bonus cannot be use for remortgaged and must help towards acquiring a legal ownership of a the buyers first property. Multiple bonuses can be used if it is a joint property purchase.
3. With the help to buy equity loan, the gov. loan can be paid monthly or annually. You can also pay it off early but any arrangement will need to be discussed with your help to buy agent. A remortgage in theory can be used to pay the loan but has to recover prior approval.

I hope that helps!

Al

masonic

lcfcstephen wrote: »

I am currently in the process of buying a house which is due to complete in a month! Should I email my solicitors to see when they recommend closing my Help to Buy ISA (I hadn't realised I needed to do this before now, so thank you for comment stating as such!)

All I would add to brokengainz's response is that you should also allow several working days for your ISA provider to send you the closing letter you will need to claim the bonus, since this is not always generated straight away at closure.

Edit: Told a lie, there is one other point to note:

I have also just got married, but my wife doesn't have a job so she isn't on the mortgage. She has a help to buy ISA, can we use that when we remortgage? Or will we have to do it when we buy a new property?

She doesn't need to go on the mortgage to be able to use her HTB ISA for this purchase. Just stick her on the title deed.

Eeeyan88

Quick question - sorry if already ansered.

I am currently a home owner but my partner is not. If he were to open a HTB ISA, would we get the bonus when we change our mortgage and title deeds to include both our names?

Or would it be simpler to wait until we eventually move and buy a different house together (probably within the next 4 years anyway)

THank!

masonic

Eeeyan88 wrote: »

I am currently a home owner but my partner is not. If he were to open a HTB ISA, would we get the bonus when we change our mortgage and title deeds to include both our names?

Or would it be simpler to wait until we eventually move and buy a different house together (probably within the next 4 years anyway)

The bonus can only be applied for during a solicitor/conveyancer-mediated property transaction. Buying a new home together would fit the bill, but a remortgage and change of title deed would seem not to.

sara0403

Hello,

I had a joint shared ownership mortgage with a ex-partner which we sold when we separated in 2012. Am I eligible for a help to buy ISA?

Thanks

badger09

sara0403 wrote: »

Hello,

I had a joint shared ownership mortgage with a ex-partner which we sold when we separated in 2012. Am I eligible for a help to buy ISA?

Thanks

No

You have previously owned an interest in a residential property.
You are not a first time buyer.

DreaM1992

Hi, I am currently in the process of buying my first home & using the benefit of my help to buy isa, my questions is if my boyfriend (who doesn't own a home or live with me) opens a help to buy USA & we buy a home together in a few years, can he qualify for the bonus as its his first home? Or not as I will be a current home owner. TIA