Help to Buy ISA guide

Yevalnud

I already have a 20k deposit. How will a help to buy ISA help me, if at all

eskbanker

Yevalnud wrote: »

I already have a 20k deposit. How will a help to buy ISA help me, if at all

Nobody's forcing you to use one, but if you choose to do so, you can boost some of your money by 25% if you're making a qualifying property purchase and either increase your deposit or free up some of your existing pot for other uses.

Most first time buyers jump at the opportunity to get some free money but if you don't feel you need or want it then as a taxpayer I'm not going to try to insist!

rockandroll

I've just spoken to my bank and they've told me that I can open a Help-to-buy ISA with a different bank and still pay into my cash ISA with my original bank.

So I would have a Cash ISA with Bank 1 and a Help-to-buy ISA with Bank 2 and I'd be able to pay, for example, £200 into each ISA every month.

Does that sound right? Even if Bank 2 were HSBC, who don't allow a split? Or do they allow it when it's split with a different bank?

badger09

rockandroll wrote: »

I've just spoken to my bank and they've told me that I can open a Help-to-buy ISA with a different bank and still pay into my cash ISA with my original bank.

So I would have a Cash ISA with Bank 1 and a Help-to-buy ISA with Bank 2 and I'd be able to pay, for example, £200 into each ISA every month.

Does that sound right? Even if Bank 2 were HSBC, who don't allow a split? Or do they allow it when it's split with a different bank?

No

HTB ISA is a variety of Cash ISA and you can pay new money into only one of each type of ISA at a time.

An exception is that some ISA managers - eg Nationwide, allow you to hold 'split' ISA ie a Cash & HTB ISA. BUT those providers are few and far between

If HSBC have told you different, they are wrong. They're not the first, and sadly, won't be the last

ryanrenwick

me and my partner have already bought our first house a few years ago but did not use the scheme to do so, does that mean we are unable to open up a Help to Buy ISA as we are now looking at buying a bigger house?

Thanks

eskbanker

ryanrenwick wrote: »

me and my partner have already bought our first house a few years ago but did not use the scheme to do so, does that mean we are unable to open up a Help to Buy ISA as we are now looking at buying a bigger house?

The HTB ISA scheme is limited to first-time buyers who've never owned a property before, rather than those who've already bought.

https://www.helptobuy.gov.uk/documents/2015/12/eligibility-of-ftbs.pdf/

alwaysbluered

I would like to know if you can use the help to buy isa to buy a council property

Ed-1

alwaysbluered wrote: »

I would like to know if you can use the help to buy isa to buy a council property

Why wouldn't you be able to?

Rich2808

alwaysbluered wrote: »

I would like to know if you can use the help to buy isa to buy a council property

Yes - as long as you are a first time buyer and take out a mortgage and the total property value is below £250k (£450k in London) - you can claim a HTB isa bonus

Markflatley

Hi, I applied for a Nationwide HTP ISA last Thursday, yet I haven’t had any correspondence yet, not even a welcome email.
Is it possible to apply for one with another building society/bank, or should I just wait? I don’t want to miss out!