Help to Buy ISA guide

[Deleted User]

Thanks - all I asked for in my initial correspondence was for it to be re-credited. A manager, and senior manager (!), essentially said "tough...you've gone over your allowance"

Was starting to think I'm going crazy! I'll just wait for them to (eventually) make their decision on my complaint then!

kmac88

post deleted

bournet

Hi

I currently have a help to buy ISA and a cash isa (they are split) with Aldermore. Is it easy to swap to another company and will the companies do split isas? Aldermore have sent notifications out that they will not longer receive payments by direct debit and I don't want to be in a situation that I forget a month or I decide I cant afford a month. If its out of my account, its out and I just have to live within my means for the month.

Thanks
x

eskbanker

bournet wrote: »

I currently have a help to buy ISA and a cash isa (they are split) with Aldermore. Is it easy to swap to another company and will the companies do split isas?

It's only a small number of providers who do the split ISAs, see the "can I split...?" question at http://www.moneysavingexpert.com/savings/best-cash-isa#split

Make sure you follow the new provider's ISA transfer process when shifting funds from one provider to another.

Ruth_Q_E17

Hi,

What is the property price cap in London. Is it up to £450,000 or under £450,000. I am looking to buy a property with my partner. I am eligible under the help to buy ISA scheme (my partner is not), but wondering if the property can be £450,000 exactly to benefit, or whether it would need to be just under this (i.e. £449,999 or less).

Thanks

gerjomarty

Ruth_Q_E17 wrote: »

Hi,

What is the property price cap in London. Is it up to £450,000 or under £450,000. I am looking to buy a property with my partner. I am eligible under the help to buy ISA scheme (my partner is not), but wondering if the property can be £450,000 exactly to benefit, or whether it would need to be just under this (i.e. £449,999 or less).

Thanks

I've recently completed a purchase outside London costing exactly £250,000, and everything went fine. The fine print mentions "up to" and this does seem to mean "up to and including".

newnhak

Hi

My daughter is 16 next week and wants to open the help to buy. She has a Cash ISA with Halifax opened in May. After reading Martin's article I decided to close it and open a HTB with Barclays but Halifax has said we cant access the money or close account until she is 18. These are HMRC rules not bank rules.
Halifax don't have a split option and so if I cant close the account I assume my only option is to wait until April to open a HTB.
Does anyone else have any thoughts or guidance? It looks like someone on here challenged Halifax and got them to open a HTB and Junior ISA but I want to use Barclays - would it be easiest just to speak to them?
Thanks
Karen

bowlhead99

newnhak wrote: »

Hi

My daughter is 16 next week and wants to open the help to buy. She has a Cash ISA with Halifax opened in May. After reading Martin's article I decided to close it and open a HTB with Barclays but Halifax has said we cant access the money or close account until she is 18. These are HMRC rules not bank rules.

Yes, it is entirely true that you can't close a JISA to get the money out of it before 18 (unless child is dead or terminally ill) and you can't transfer a JISA to any type of adult ISA.

At age 18 the Cash JISA will automatically convert into a Cash (adult) ISA and from that point it can be transferred to other adult ISA types subject to the rules of those receiving products.

You are right, those are HMRC rules about what you can do with money in a JISA, not bank-specific rules from the bank itself. They have always been subject to a lock up until age 18 in England. Barclays or anyone else would be the same. Rules is rules.

However, now she is age 16 she is allowed to open and subscribe to an adult Cash ISA (including a HTB ISA) up to the usual limits of those products, quite separately from her existing JISA. And thereby have two ISAs on the go, the HTB and the JISA.

As she's unable to get at her JISA funds to give her the cashflow to pay into the HTB for a couple of years, she would have to use other money she has lying around, or get a part time job etc.

One option if she wants to open and fund a HTB ISA and is short of cash, would be for you to lend her the money to do it, on condition that she pay you back when she is 18 and can access the money which is currently tucked away in the JISA.

Ed-1

newnhak wrote: »

Hi

My daughter is 16 next week and wants to open the help to buy. She has a Cash ISA with Halifax opened in May. After reading Martin's article I decided to close it and open a HTB with Barclays but Halifax has said we cant access the money or close account until she is 18. These are HMRC rules not bank rules.
Halifax don't have a split option and so if I cant close the account I assume my only option is to wait until April to open a HTB.
Does anyone else have any thoughts or guidance? It looks like someone on here challenged Halifax and got them to open a HTB and Junior ISA but I want to use Barclays - would it be easiest just to speak to them?
Thanks
Karen

You can pay into both a junior ISA and an adult cash ISA (so a Help to Buy ISA) in the same tax year, so no need to close the junior ISA (which isn't possible until age 18 anyway).

newnhak

Hi

Thanks for the advice for my 16year old. Now she is wavering whether a LISA would be preferable but at least we know now we have a choice!
Karen