Help to Buy ISA guide

sam348s

mikheh wrote: »

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

Sorry. From my understanding you will still be entitled to the 25% bonus. The scheme is based on individuals who are first time buyers, not dependent on who is buying the house with you, hence two first time buyers can both get the 25% and people, like yourselves, buying with someone who is not, can still benefit.

Rich2808

kittywales wrote: »

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

Why are the Halifax being so petty on this?

Just tell them if they don't let you do this you will transfer your HTB isa elsewhere - you can do this and transfer it back immediately to the Halifax. Hassle - but may be the only way to achieve this.

You may even be able to withdraw the funds, close the account and reopen a new one under the rules. But I didn't think the Halifax allow this either.

They also lie in their product terms stating you cannot open a cash isa and a help to buy isa in the same tax year. You can - just not with them. Nationwide, Natwest and others allow it if you wish to.

Nationwide allow you to make multiple payments on month one as per point 11 at the link below - as I am sure do others. So you could move to them and move back to the Halifax after month one (having put in your full £1200) if you think the extra 2 per cent is worth it given their inflexibility.

http://www.nationwide.co.uk/support/support-articles/terms-and-conditions/help-to-buy-isa-terms-and-conditions

mr_jrt

Just a heads up - I read Halifax's T&Cs and it states that he monthly cutoff for HTB payments is the 25th of the month. Am I reading that correctly that I can pay in my £1200 now (or yesterday, in my case ), then put in my next £200 on the 26th, effectively paying in £1400 for Dec? I've set it up that way to maximise the interest, but just want to make sure I've not misinterpreted the T&Cs. If I'm correct, then that means I will reach the minimum on Jan 26th, not Feb.

tovtm

so 3-4 years ago my parents split up and so as my dad didn't have to sell the house to pay my mum off her bit a mortgage adviser come around and told my dad the only way was to put someone else on the mortage.

He asked me and after speaking to the mortgage adviser who said it would benefit me and be beat thing I could do for my credit rating, so I agreed and went on the mortgage although its my dad who pays it from his bank account.

So now me and my wife want to buy a house and the new 4% interest ica has come in all sounds gray but can I do this? I have never purchased a house but I have a bad feeling the banks in their eyes will say I have a mortgage therefore own a property.

Also we have about £40k deposit ready just in our banks no ica accounts both credit ratings are excellent so what should we do with our money in the mean while (looking to buy in about 6-12 months time)

R11_BFC

jimjames wrote: »

I'm not sure why you'd need to worry about losing the rest of the allowance unless you're using it for s&s ISAs. You'll get far better return outside a cash ISA.

Not read all this thread, so apologies if answered elsewhere.

Halifax looks like the best Help to Buy ISA by a mile but must admit, i was a bit concerned too that my daughter then couldnt use the rest of her ISA yearly allowance.

Are you saying that this doesnt really matter, as she can prob get a better return elsewhere (other than Cash ISAs) due to the new personal savings allowance on deposits due next April?

I'm a bit thick on all this...so bear with me! Just want the best deal i can get for my daughter.

Cheers mate.

colsten

R11_BFC wrote: »

Halifax looks like the best Help to Buy ISA by a mile but must admit, i was a bit concerned too that my daughter then couldnt use the rest of her ISA yearly allowance.

This is true but as she could probably make a lot more interest in many non-ISA products, a normal cash ISA is unlikely to be desirable. How old is your daughter, how much does she want to save per year and for how many years? What savings has she got already, what is her tax rate?

freyae16

Hi. .. please help.!
I already have a Cash ISA with Halifax. I have been into two branches as the first one was unsure. Halifax say because I have paid over £1000 into my cash ISA that I can't have a Help To Buy ISA with them until April.
So next I go into Nationwide branch.. they say yes I can transfer across... but because I already have an CASH ISA this year and I have paid over £1000 into that one.! I can start the Help to Buy ISA but. ...and here is the problem... this person says I can only put £1000 into the Help to Buy Nationwide ISA and nothing more until April? Where as Martin Money tips says I can. ..

MARTYM8`

freyae16 wrote: »

Hi. .. please help.!
I already have a Cash ISA with Halifax. I have been into two branches as the first one was unsure. Halifax say because I have paid over £1000 into my cash ISA that I can't have a Help To Buy ISA with them until April.
So next I go into Nationwide branch.. they say yes I can transfer across... but because I already have an CASH ISA this year and I have paid over £1000 into that one.! I can start the Help to Buy ISA but. ...and here is the problem... this person says I can only put £1000 into the Help to Buy Nationwide ISA and nothing more until April? Where as Martin Money tips says I can. ..

What you need to do is transfer your entire cash isa from Halifax to a Nationwide cash isa.

And then you can move the £1200 (as a partial transfer) from your Nationwide cash isa (e.g. the instant access ISA - http://www.nationwide.co.uk/products/savings/instant-isa-saver/features-and-benefits) to the Nationwide help to buy isa as your starting lump sum.

What you cannot do is transfer your Halifax isa to a Nationwide help to buy isa directly as the balance is over £1200 - and you cannot pay in more than £1200 into a HTB isa in month 1.

Silly I know!:D

I feel sorry for the branch staff - its complicated!

freyae16

Hi thanks. ...


I got that bit from what I found in branch. .. but it was the lack of transferinformation in each month that had me puzzled. .. she specifically said that I can't pay in each month. . And only put a lump some in max 1200... in say December. . But then nothing for Jan/Feb or March which seemed odd to me

MARTYM8` wrote: »

What you need to do is transfer your entire cash isa from Halifax to a Nationwide cash isa.

MARTYM8`

freyae16 wrote: »

Hi thanks. ...


I got that bit from what I found in branch. .. but it was the lack of transferinformation in each month that had me puzzled. .. she specifically said that I can't pay in each month. . And only put a lump some in max 1200... in say December. . But then nothing for Jan/Feb or March which seemed odd to me

You can pay in up to £1200 in month 1 and then up to £200 in every calendar month afterwards. However with Nationwide only the initial £1200 lump sum can be done as an ISA transfer - the subsequent £200s must be transferred from a savings or current account or over the counter in branch by cash (i.e. any source except an ISA transfer) based on my interpretation of their terms.

http://www.nationwide.co.uk/products/savings/help-to-buy-isa/features-and-benefits

Nationwide allow you to make multiple payments in month within these limits - Halifax restrict you to one payment in a month.

No idea why the rules are different - it doesn't help at all.

Maybe the government should have been firmer on the processes with banks only being able to vary the interest rates?