Help to Buy ISA guide

masonic

evansc1 wrote: »

I'm presuming it's not the account number that I had with the bank as that will be unique for the bank...and that there should be a separate ISA number somewhere?

I can't think what else it could be, other than your account number. There is no globally unique "ISA number".

Stuart788

I've heard a lot of talk on the forums that you can't use a Help to Buy Isa if you're not getting a mortgage. I am sure I read that the money simply went towards completion and nothing about requiring you to have a mortgage. Can anyone confirm?

eskbanker

Stuart788 wrote: »

I've heard a lot of talk on the forums that you can't use a Help to Buy Isa if you're not getting a mortgage. I am sure I read that the money simply went towards completion and nothing about requiring you to have a mortgage. Can anyone confirm?

The government can unequivocally confirm that you are required to be using a mortgage, at https://www.helptobuy.gov.uk/help-to-buy-isa/faq/:

Can I buy a property without a mortgage?
No. The property you are buying must be mortgaged in order to be eligible for the government bonus.

Creedence

I opened a HTB isa late last year but never got round to putting any money in. Am I allowed to close it and open a new one or is my £1000 initial deposit offer gone forever?

ianwalshuk

I'm looking to get one of these ISA's however I am currently working for the UK MOD in the USA. As I pay UK tax, can I still open and contribute towards one of these ISA's?

masonic

Creedence wrote: »

I opened a HTB isa late last year but never got round to putting any money in. Am I allowed to close it and open a new one or is my £1000 initial deposit offer gone forever?

You can close it and start again somewhere else. You won't lose the ability to make the lump sum deposit in the first month of your new HTB ISA.

ianwalshuk wrote: »

I'm looking to get one of these ISA's however I am currently working for the UK MOD in the USA. As I pay UK tax, can I still open and contribute towards one of these ISA's?

It sounds as though you are being treated as UK resident, so this shouldn't be a problem. You might encounter the usual difficulties around 'know your customer' checks.

Stuart788

So disappointed that they require you to get a mortgage to get the bonus! Nice of the government to be encouraging people to get into debt.

I've worked hard all my life why am I any less deserving of the bonus than someone who needs a mortgage.

pinkfluffybabe

Stuart788 wrote: »

So disappointed that they require you to get a mortgage to get the bonus! Nice of the government to be encouraging people to get into debt.

I've worked hard all my life why am I any less deserving of the bonus than someone who needs a mortgage.

Maybe because it's to help people to get onto the property ladder. If you can afford a house without a mortgage then you don't need government help.

ianwalshuk

masonic wrote: »

It sounds as though you are being treated as UK resident, so this shouldn't be a problem. You might encounter the usual difficulties around 'know your customer' checks.

Hi Masonic,
Just looking to confirm, do you know where this is referenced or stated please, or is this in your opinion?
Thx

eskbanker

Stuart788 wrote: »

So disappointed that they require you to get a mortgage to get the bonus! Nice of the government to be encouraging people to get into debt.

I've worked hard all my life why am I any less deserving of the bonus than someone who needs a mortgage.

There's nothing to stop you taking out a small mortgage for your first-time buy and then paying it off quickly if that's more cost-effective than not getting the bonus....