Help to Buy ISA guide

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  • colsten
    colsten Posts: 17,597 Forumite
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    You'd have to check the T&Cs of the HTB ISA you are thinking to take out.

    However, it would be quite foolish to risk, or to actually commit, fraud for a product that doesn't pay as much AER as other products, and which also allow a lot more than £200/month to be deposited.
  • colsten
    colsten Posts: 17,597 Forumite
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    ELMABELLA wrote: »
    Is there an upper age limit for this scheme ?
    no, but you must be a first-time buyer and you only get the bonus when you take out your first mortgage. This naturally limits the age of people who can benefit from the bonus.

    ELMABELLA wrote: »
    Also do you still receive the £3,000 bonus if you reach the savings amount required and do not take out a mortgage by using over capital and/or investments to buy a property outright as a first time buyer.
    No on both accounts.
  • colsten
    colsten Posts: 17,597 Forumite
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    DJTM wrote: »
    Does anybody know if the interest earned with the help to buy isa over the 5 year period exceeds £3000, what does the government add?
    Also could you leave the money there, keep paying into it and keep earning interest for a long time?
    £3,000 is the maximum bonus you can earn under current legislation. If memory serves me right, you have until 1 December 2030 to apply for your bonus. Details: http://www.helptobuy.gov.uk/docs/default-source/default-document-library/151102---scheme-rules.pdf?sfvrsn=2
  • colsten
    colsten Posts: 17,597 Forumite
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    EmmaO wrote: »
    Its good to know there is the option of a split ISA, but I'm not sure I fully understand it. If I open a split ISA now what happens if I want to transfer the ISAs in the future, would it be possible to transfer the help to buy element to one provider and the cash ISA element to another provider or are the two aspects joint forever?

    Apologies if this is a silly question, I just haven't got my head round the split ISA option yet.

    Yeah you probably could but the real question you should be asking is why you'd have a non-HTB ISA in the first place. As you can earn a lot more interest outside a normal cash ISA.
  • jimjames
    jimjames Posts: 17,669 Forumite
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    ELMABELLA wrote: »
    Do you qualify to receive the government ISA top up bonus as a first time buyer who does not take out a mortgage and using other savings to purchase a property outright ?

    No. You don't. It's for buyers that need a mortgage
    Remember the saying: if it looks too good to be true it almost certainly is.
  • jimjames
    jimjames Posts: 17,669 Forumite
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    michaels wrote: »
    Would it be fraud if a homeowner claimed not to be to open one of these accounts because they had no intention of claiming the 25% bonus but just wanted to take advantage of the 4% tax free regular saver rates which the banks refuse to offer to other customers?

    I don't understand where you're looking if you think banks are not offering accounts paying 4% or more to other customers. All my savings are at 5%.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • 7months
    7months Posts: 9 Forumite
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    Can I max out my shares isa and have the HTB isa in the same year?
    Overdraft: 1,456.77, CC: 9,800, Loan: 4,646.79 Total: £15,903.56
  • jimjames
    jimjames Posts: 17,669 Forumite
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    7months wrote: »
    Can I max out my shares isa and have the HTB isa in the same year?

    Yes. But only to the total ISA limit minus what you put in HTB
    Remember the saying: if it looks too good to be true it almost certainly is.
  • colsten
    colsten Posts: 17,597 Forumite
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    7months wrote: »
    Can I max out my shares isa and have the HTB isa in the same year?


    You can. But are you certain that an S&S ISA is a good idea for someone who is saving cash for a first time deposit?

    Why are you interest in an S&S ISA?

    Particularly since your sig suggests you have substantial CC debts? Outstanding: Overall 7,800 CC1 4 000 CC2 3 800
  • jimjames
    jimjames Posts: 17,669 Forumite
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    colsten wrote: »
    You can. But are you certain that an S&S ISA is a good idea for someone who is saving cash for a first time deposit? Why are you interest in an S&S ISA?

    If you're planning on buying by the 2030 deadline then S&S ISA would be perfectly reasonable :)
    Remember the saying: if it looks too good to be true it almost certainly is.
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