Help to Buy ISA guide

masonic

DreaM1992 wrote: »

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

Each person involved in the property transaction is tested individually, so if he qualifies as a first time buyer it doesn't matter that you will not.

alex_lee

I have a help to buy ISA which was opened when it first started. I have recently bought a house , but it is not an eligible property (above 250K outside london) so could not claim the bonus.

Do you know if I can keep contributing to the H2B isa since the interest rate is still higher than my mortgage ? Once the bank knows that the someone has bought a house and ceased to be a first time buyer, do they close or convert the account ?

THanks

masonic

alex_lee wrote: »

I have a help to buy ISA which was opened when it first started. I have recently bought a house , but it is not an eligible property (above 250K outside london) so could not claim the bonus.

Do you know if I can keep contributing to the H2B isa since the interest rate is still higher than my mortgage ? Once the bank knows that the someone has bought a house and ceased to be a first time buyer, do they close or convert the account ?

THanks

The way I see it, you can continue subscribing to the H2B ISA until such time as you are asked to make a declaration that you are still a FTB (this could be at the start of the next tax year). You may wish to do this, because you may wish to roll your HTB ISA into a new LISA when those launch in the next tax year. If not, then you can transfer to a S&S ISA, IF ISA (when they eventually become available), pull the money out and stick it in high interest current accounts - whichever is most suitable for your needs.

Lilip

Hi,
Just wanted to make everyone aware that in the small print it states you can not use just any solicitor to reclaim bonus. They have to be on a list of verified solicitors by government. This can up costs slightly if you had a particular solicitor in mind. This has happened to us so just wanted to make everyone aware xxx

masonic

Lilip wrote: »

Hi,
Just wanted to make everyone aware that in the small print it states you can not use just any solicitor to reclaim bonus. They have to be on a list of verified solicitors by government. This can up costs slightly if you had a particular solicitor in mind. This has happened to us so just wanted to make everyone aware xxx

But any solicitor can register for the scheme, so if you engage with them early enough, there should be no reason why you cannot purchase through your preferred solicitor.

Meganlee95

Hi I was wondering if you claimed your bonus in the end as I have a question regarding it!

I would really appreciate your help!
Thankyou

Meganlee95

Is there anyone out there who has already claimed their bonus?

eskbanker

Meganlee95 wrote: »

Hi I was wondering if you claimed your bonus in the end as I have a question regarding it!

I would really appreciate your help!
Thankyou

Not sure who your post was aimed at but perhaps if you post what your question actually is then somebody will be able to answer it?

brokengainz

Hi

I've already claimed the gov. bonus so would be in a good position to answer most questions regarding the scheme. Just give me a shout.

wallofbeans

Hello,

I'm confused as to whether I can get a Help To Buy ISA. I am not a home owner. I never have been. But my wife is and I live in her house. The MSE guide says -

"It's an individual product, couples are treated separately

Help to Buy ISAs are for individuals, it's not about who's buying the house, it's simply about whether you're a first-time buyer. To make it plain:

If you're a first-time buyer, buying with someone who's owned before, you CAN open one, they CAN'T."

- which indicates I can get one... But somebody else pointed out to me wording on the government Help To Buy ISA website -

“2. do not own, and never have owned any interest in land, whether in the United Kingdom or elsewhere,.......
(C) (i) which I acquired as a purchaser by way of sole or joint ownership; or
(ii) which entitles me to possess or occupy that land.”

(https://www.helptobuy.gov.uk/documents/2015/12/eligibility-of-ftbs.pdf)

- and wondered whether "entitles me to possess or occupy that land" counts me out?

It's very confusing and I wondered if someone here could clarify, and possibly adjust the MSE guide to make it clearer.

Thanks.