Help to Buy ISA guide

worzel_gummage

Alexland wrote: »

Yes although if this is his second purchase up the property ladder is there any risk the value of the new property would exceed the £450k/£250k HTB ISA price limits?

Alex

It is still within the HTB isa limits. Do you know where I could find any confirmation or this as a solicitor my partner spoke with seemed to think as we are buying as a

worzel_gummage

*buying together we would be classed as "one unit"?

Alexland

worzel_gummage wrote: »

It is still within the HTB isa limits. Do you know where I could find any confirmation or this as a solicitor my partner spoke with seemed to think as we are buying together we would be classed as "one unit"?

See point 4 of the below MSE guide - suggest you find a more experienced solicitor as the HTB ISA is a mature product and they should understand the basics by now.

https://www.moneysavingexpert.com/savings/help-to-buy-ISA/

Alex

samman600

Hello,
I cant find a clear answer to this question. If i opened a lifetime isa today with £100 and didn't add anything else for 11months and then added £3900 would i still get the 25% bonus (£1000)

Thank You :beer:

eskbanker

samman600 wrote: »

Hello,
I cant find a clear answer to this question. If i opened a lifetime isa today with £100 and didn't add anything else for 11months and then added £3900 would i still get the 25% bonus (£1000)

Thank You :beer:

This thread is actually about Help to Buy ISAs rather than Lifetime ISAs but the short answer to your question is yes.

If you paid in £100 today then you'd receive the £25 bonus around the end of November, and then when you later paid in another £3900 you'd receive £975 4-8 weeks after that. Bear in mind that the £4K annual LISA contribution limit relates to tax years from 6 April one year to 5 April the next, not a year from opening....

rootay

Hell all, a similar question to one asked previously, but I have had a Halifax HTB for a few years now, and would like to transfer to a Barclays HTB for the better interest rate, but have been told that it is not possible to transfer my whole savings so far, I can only transfer £1200 as per the first month maximum. Is this correct? Also, as Halifax only pay interest at the end of the year, is it best to wait until I get the interest for this year to transfer banks?

eskbanker

rootay wrote: »

Hell all, a similar question to one asked previously, but I have had a Halifax HTB for a few years now, and would like to transfer to a Barclays HTB for the better interest rate, but have been told that it is not possible to transfer my whole savings so far, I can only transfer £1200 as per the first month maximum. Is this correct?

No, it's misinformation from Barclays staff who don't know their product. Refer them to their account Ts & Cs, which make no reference to any such arbitrary limit:

Transfers-in

5.1 In accordance with ISA Regulations, you are allowed to transfer current tax year and/or previous tax years’ ISA subscriptions to a Help to Buy: ISA at any time. When you transfer to a Barclays Cash ISA, we call this a ‘transfer-in’.

5.2 You may transfer-in the funds held in existing ISAs, either with us or another ISA provider.

5.3 When opening a Cash ISA with the intention of transferring another ISA into it no initial deposit is required.

5.4 You may transfer-in an existing Help to Buy: ISA to your Help to Buy: ISA with Barclays.

rootay wrote: »

Also, as Halifax only pay interest at the end of the year, is it best to wait until I get the interest for this year to transfer banks?

There's no need to wait, when you transfer you'll get the pro rata interest added for the part year.

danant

It’s really disappointing to see the budget didn’t increase the purchase limit outside of London from 250k.

I’m looking to purchase a new build in the next few months which doesn’t give me long enough to transfer to a LISA with the higher 450k limit.

Unfortunately prices in the south east mean you don’t get a lot for under 250k. I think this limit needs reviewing; recently a friend of mine purchased a 2 bedroom house in Newcastle for £75k yet a similar property where I am in the south east would cost £250 - £300k making it ineligible for the bonus 🤔

eskbanker

Given that the limit has been static since the scheme was introduced three years ago and that it's closing to new applicants in just over a year, it would be optimistic to count on any increases being applied to its property value limits, so it shouldn't be a 'really disappointing' surprise.

If you're already committed to buying within a year then as you say that rules out a LISA but presumably if you've already committed then you can fund the purchase without the HTB bonus? If you haven't committed, can you wait for a year or set your sights a little lower?

Fojo

Hello, my nephew is looking to buy next year and i help him with his finances. He opened a HTB ISA when they were first introduced and transferred to a LISA last year. Am now looking at a HTB ISA for my 17 year old son and have come across something i hadnt previously considered. As the HTB bonus isnt paid until the house is bought, is my nephew still entitled to a further bonus at house purchase time based on the years that he held his HTB ISA? Thanks folks