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Help to Buy ISA guide

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  • My son turns 16 before the cut off. He presently has a child trust fund which has had it's maximum paid in. Can he still have a Help to Buy ISA?
  • eskbanker
    eskbanker Posts: 36,993 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Lynhun wrote: »
    My son turns 16 before the cut off. He presently has a child trust fund which has had it's maximum paid in. Can he still have a Help to Buy ISA?
    Yes, as per posts #1852/53 above....
  • Hi, I have a problem if anyone can help. I'm away working abroad for the next 8months and want to take advantage of the Barclays HTB ISA. I'm don't hold any account with Barclays and they ask you to come into branch to open. Is there anyway to open an account remotely as I won't be in the UK until next year but I know they are closing the option to open their HTB ISA this November. Thanks.
  • Apologies in advance if this query has been raised elsewhere - I've spent a long time searching the internet (and mainly through threads on here!) for the answer!

    I have an existing H2B ISA and I'm looking to replace my Stocks and Shares ISA with a LISA (well not replace it per se, but from the perspective of being the primary saving vehicle for a house deposit beyond the H2B). I know one can hold both a LISA and H2B, and that withdrawing from H2B without buying a house is permissible and - unlike the LISA - penalty-free (although naturally you don't get the bonus). My question, though, is if it would be a problem down the road if I were to use the H2B for its excellent cash rate as a part of my first house purchase, without claiming the bonus, alongside the LISA?

    I have assumed that this is OK because I can't actually see anything prohibiting it in all the T&Cs, but equally I think it's arguably not within the spirit of the rules and I'm unsure if the "early withdrawal" would be breezily overlooked if it was patently funding a house purchase - if anyone has experience that would be great! It's just not something I want to end up chancing...
  • masonic
    masonic Posts: 27,172 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Hi, I have a problem if anyone can help. I'm away working abroad for the next 8months and want to take advantage of the Barclays HTB ISA. I'm don't hold any account with Barclays and they ask you to come into branch to open. Is there anyway to open an account remotely as I won't be in the UK until next year but I know they are closing the option to open their HTB ISA this November. Thanks.
    Barclays isn't the only HTB ISA provider, so your best bet is to find one that will allow you to open the account online. Providers will still probably be accepting transfers after November, so you could switch when you return to the UK if you are really set on the Barclays one.
    Bestie_96 wrote: »
    Apologies in advance if this query has been raised elsewhere - I've spent a long time searching the internet (and mainly through threads on here!) for the answer!

    I have an existing H2B ISA and I'm looking to replace my Stocks and Shares ISA with a LISA (well not replace it per se, but from the perspective of being the primary saving vehicle for a house deposit beyond the H2B). I know one can hold both a LISA and H2B, and that withdrawing from H2B without buying a house is permissible and - unlike the LISA - penalty-free (although naturally you don't get the bonus). My question, though, is if it would be a problem down the road if I were to use the H2B for its excellent cash rate as a part of my first house purchase, without claiming the bonus, alongside the LISA?

    I have assumed that this is OK because I can't actually see anything prohibiting it in all the T&Cs, but equally I think it's arguably not within the spirit of the rules and I'm unsure if the "early withdrawal" would be breezily overlooked if it was patently funding a house purchase - if anyone has experience that would be great! It's just not something I want to end up chancing...
    A HTB ISA can be used as a savings account while you remain a first time buyer, and can be run alongside a LISA. When you close the HTB ISA you will get a closure letter you can use to claim the bonus - just don't use that and go through the LISA withdrawal process instead.
  • dandyhighwayman
    dandyhighwayman Posts: 13 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    edited 29 September 2019 at 5:54PM
    My cousin has a HTB ISA and a standard ISA from previous years. He's currently withdrawing £200 every month from the earlier ISA and depositing it into the HTB.

    It seems to me that there must be a more efficient way of getting the money from one to the other, but I can't find anything that talks about transferring between existing ISAs, only from one existing ISA into a brand new one.

    Any ideas?
  • masonic
    masonic Posts: 27,172 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    My cousin has a HTB ISA and a standard ISA from previous years. He's currently withdrawing £200 every month from the earlier ISA and depositing it into the HTB.

    It seems to me that there must be a more efficient way of getting the money from one to the other, but I can't find anything that talks about transferring between existing ISAs, only from one existing ISA into a brand new one.

    Any ideas?
    If your cousin isn't planning to use his full £20k ISA allowance, then this is the most efficient way of transferring. It is possible to request a partial transfer £200 to the HTB ISA provider once a month and have them do it while preserving his ISA allowance, but that would be more time consuming.
  • Apologies if this has been asked earlier in the thread...

    Has anyone claimed the Help to Buy ISA bonus and your intended deposit been less than the amount you've saved?

    If so can you still claim bonus on the full savings amount?

    Example being - me and my girlfriend have £18,000 saved over our two accounts. But the deposit we want to put down is £14,000.

    I was hoping we could get £4500 bonus over the two accounts and put the remaining £9500 from our savings leaving the remaining figure for fees and decorating.

    Now I'm hearing we would have to put a bigger deposit down if you've saved more and want to claim bonus on it, or reduce the ISAs by taking money out to use for fees etc meaning the bonus would be less.

    I've looked on the government site and it says all the bonus must be used for the deposit - but no mention that all your savings has to be?

    Can anyone shed any more light?
  • PaulJA wrote: »
    Apologies if this has been asked earlier in the thread...

    Has anyone claimed the Help to Buy ISA bonus and your intended deposit been less than the amount you've saved?

    If so can you still claim bonus on the full savings amount?

    Example being - me and my girlfriend have £18,000 saved over our two accounts. But the deposit we want to put down is £14,000.

    I was hoping we could get £4500 bonus over the two accounts and put the remaining £9500 from our savings leaving the remaining figure for fees and decorating.

    Now I'm hearing we would have to put a bigger deposit down if you've saved more and want to claim bonus on it, or reduce the ISAs by taking money out to use for fees etc meaning the bonus would be less.

    I've looked on the government site and it says all the bonus must be used for the deposit - but no mention that all your savings has to be?

    Can anyone shed any more light?

    Haven’t used HTB ISA but looks like what happens is your conveyancer gets a closing statement for your HTB isa, and you get the bonus based on this. Therefore if you withdraw money prior to this you will only get the bonus on the remaining money.

    Option 1) use only part, get smaller bonus (throwing away free money)
    2) bigger deposit = bigger bonus

    https://www.helptobuy.gov.uk/help-to-buy-isa/faq/
  • But can you close the HTB and not use all the saved funds for the deposit?
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