Help to Buy ISA guide

Mjevans1991

I opened a Help to Buy ISA with Lloyd’s, put 1k in, had good intention of saving but need the money for something else. Closed the account down. Now I’m actively saving for a house and have opened up a new one with HSBC. Am I still eligible for the bonus? The guide indicates that I wouldn’t be as I’ve take out the same product with two different suppliers even though they were not used concurrently. Thanks.

masonic

Mjevans1991 wrote: »

I opened a Help to Buy ISA with Lloyd’s, put 1k in, had good intention of saving but need the money for something else. Closed the account down. Now I’m actively saving for a house and have opened up a new one with HSBC. Am I still eligible for the bonus? The guide indicates that I wouldn’t be as I’ve take out the same product with two different suppliers even though they were not used concurrently. Thanks.

Any HTB iSA you previously held and closed would have no impact on your ability to claim the bonus on your new HTB ISA.

Morganmarron

Hello there,
Got a quick question - does anyone know of a help to buy ISA where you have to give advance notice for a withdrawal? Thanks in advance!

Alexland

No, as the HTB ISA is a type of cash ISA the money would need to remain easy access for withdrawals.

[Deleted User]

dekkard wrote: »

I did exactly that last year. Who told you otherwise?

Hey, just to clarify, was there a limit on the sum of money you were allowed transfer from one Help to Buy ISA (HTB) to another? So far most of the information I've been given says there is a limit of up to £1,600 on it

The scheme rules for it say this:


"6.Operating Help to Buy: ISAs


6.1 Maximum First Month Amount and Monthly Allowance(A)
A Help to Buy: ISA Holder shall be entitled to pay in aggregate up to the Maximum First Month Amount into their Help to Buy: ISA in the first month in which they pay any amounts into their Help to Buy: ISA.



For the avoidance of doubt,a Help to Buy: ISA Holder shall not be entitled to pay a further Maximum First Month Amount into a Help to Buy: ISAf ollowing a Help to Buy: ISA Transfer."


Source: https://www.helptobuy.gov.uk/documents/2015/12/scheme-rules.pdf/


Can you clarify what happened when you transferred yours?

[Deleted User]

Alexland wrote: »

Whoever told you that needs additional training as it was wrong information.

Alex.

Hey, just to clarify, was there a limit on the sum of money you were allowed transfer from one Help to Buy ISA (HTB) to another? So far most of the information I've been given says there is a limit of up to £1,600 on it

The scheme rules for it say this:


"6.Operating Help to Buy: ISAs


6.1 Maximum First Month Amount and Monthly Allowance(A)
A Help to Buy: ISA Holder shall be entitled to pay in aggregate up to the Maximum First Month Amount into their Help to Buy: ISA in the first month in which they pay any amounts into their Help to Buy: ISA.



For the avoidance of doubt,a Help to Buy: ISA Holder shall not be entitled to pay a further Maximum First Month Amount into a Help to Buy: ISAf ollowing a Help to Buy: ISA Transfer."


Source: https://www.helptobuy.gov.uk/documents/2015/12/scheme-rules.pdf/


Can you clarify what happened when you transferred yours?

[Deleted User]

Ajhurst wrote: »

Thanks for the input. Ill try again then. Was told this by a member of staff at a Barclays branch

Hey,


Any updates on what happened when you transferred? Was there a limit?

Alexland

Deleted_User wrote: »

Hey, just to clarify, was there a limit on the sum of money you were allowed transfer from one Help to Buy ISA (HTB) to another? So far most of the information I've been given says there is a limit of up to £1,600 on it

Provided you follow the new provider's ISA transfer process there is no limit to the account value that you can request to transfer between providers. The transferred money is not considered a new contribution or you paying into the account.

Alex

The_Mighty_Gusset

Apologies if this has been asked before, it's a long thread to dig back through.
I'm 56 yrs old and due to a relationship split I'm currently looking at moving into a shared ownership house and buying a 50% share in about 3 years time.
If I open a HTB ISA can I use it for that ?
Also, the last time I had a mortgage was 30 years ago. Would anyone be able to check back that far and find out that I'm not actually a first time buyer ?

SibbyArkellGlover

Hi, I'm married and was wondering if it is advisable for one of us to get a LISA and the other to get a Help to Buy ISA? My thought process is that the LISA would enable us to access the higher bonus amount and the Help to Buy would protect us from paying a penalty if we decide not to buy a house with the money. The only disadvantage I can think of is that by one of us using the Help to Buy and the other using the LISA, we would be restricted to the maximum house purchase price of £250k???

Any thoughts / advice on this would be most appreciated!