Help to Buy ISA guide

Alexland

alandaniel132 wrote: »

What do you mean?

I mean if you ignore the logic anything is possible. We all make the odd maths mistake but I tend to check my workings more carefully when attempting to correct others.

Alex

masonic

Can you set up a direct debit to pay into the HTB ISA from a Tesco Current account?

eskbanker

masonic wrote: »

Can you set up a direct debit to pay into the HTB ISA from a Tesco Current account?

No, but you could probably spend 4 years and 7 months posting the question in a variety of ways though....

newyorklover81

Can anyone help with my question?

I opened a help to buy isa 2 years ago but never saved any money in it. I want to save a deposit and buy a new build in August. Can I close the htb isa and open a new one to enable me to put £1200 in during the first month? I never saved at all in the old one.

Thanks

eskbanker

newyorklover81 wrote: »

I opened a help to buy isa 2 years ago but never saved any money in it. I want to save a deposit and buy a new build in August. Can I close the htb isa and open a new one to enable me to put £1200 in during the first month? I never saved at all in the old one.

Yes, as per https://www.helptobuy.gov.uk/help-to-buy-isa/faq/#919a24ea-e1f7-648f-8ce9-ff0000ad17aa:

If I close my account, can I open a new Help to Buy: ISA?

If you hold a Help to Buy: ISA, and close it without claiming your government bonus, you can open a new account in the following tax year (provided the new account is opened before 30 November 2019).

You might find it's already been closed automatically anyway, if you opened it two years ago and never paid into it, but do check....

Alexland

newyorklover81 wrote: »

I opened a help to buy isa 2 years ago but never saved any money in it. I want to save a deposit and buy a new build in August. Can I close the htb isa and open a new one to enable me to put £1200 in during the first month? I never saved at all in the old one.

Answered in duplicate post
https://forums.moneysavingexpert.com/showthread.php?p=75381303

Alex

Lauren45

Hi does anyone know if you can put two help to buy ISAs together for a first house?

eskbanker

Lauren45 wrote: »

Hi does anyone know if you can put two help to buy ISAs together for a first house?

Yes, anyone who's read the article that this thread is all about, where it's covered at bullet point 4: https://www.moneysavingexpert.com/savings/help-to-buy-ISA/#section-4

peterjmay

I have been saving in my help to buys isa for the last few years and have just completed on my house. However I have paid all my legal fees and deposit now without the government bonus discount which I am entitled to. My lawyer didnt state I had to close the ISA before completion. I was under the impression i can just claim for the bonus anytime within 12 months of completion. I really dont want to miss out on my £2200 bonus i am entitled to. I have sent evidence of my closure of my Help to buy Isa account and also the declaration form literally the next day after I completed and have told my conveyancer to claim. Will i get my reward funds? Now i dont owe my lawyer anything will they send me a cheque once the claim comes through?

eskbanker

peterjmay wrote: »

I have been saving in my help to buys isa for the last few years and have just completed on my house. However I have paid all my legal fees and deposit now without the government bonus discount which I am entitled to. My lawyer didnt state I had to close the ISA before completion. I was under the impression i can just claim for the bonus anytime within 12 months of completion. I really dont want to miss out on my £2200 bonus i am entitled to. I have sent evidence of my closure of my Help to buy Isa account and also the declaration form literally the next day after I completed and have told my conveyancer to claim. Will i get my reward funds? Now i dont owe my lawyer anything will they send me a cheque once the claim comes through?

Was your conveyancer definitely aware that you were intending to use the HTB ISA towards the purchase and are they registered to process a purchase on that basis (not all are)?

If so, then they obviously should have advised you of the correct sequence of events.

If you've already settled the whole bill then this will complicate matters as the conveyancer has to submit a declaration shortly after completion stating that the HTB ISA bonus was used (i.e past tense) towards the purchase - you may be in the conveyancer's hands as to how flexible they're prepared to be so hopefully they'll be on your side here....