Help to Buy ISA guide

Jimsmagictanks

Hiya, at the ripe old age of 45, I'm looking to start saving money for a deposit for my own flat/house. Problem is I'm too old to qualify for a LISA.. Would I qualify for a help to buy ISA if.. I've owned a property before? I owned one 20 years ago for about a 2 year period, but it was sold for the same price I bought it for...
I've a feeling there's nothing I qualify for and I should just look at the highest interest bank account.. but I'm forever the optimist 🤞🤷!♂️😊

masonic

Jimsmagictanks wrote: »

Hiya, at the ripe old age of 45, I'm looking to start saving money for a deposit for my own flat/house. Problem is I'm too old to qualify for a LISA.. Would I qualify for a help to buy ISA if.. I've owned a property before? I owned one 20 years ago for about a 2 year period, but it was sold for the same price I bought it for...
I've a feeling there's nothing I qualify for and I should just look at the highest interest bank account.. but I'm forever the optimist 🤞🤷!♂️😊

No you can't hold a HTB ISA if you've owned a property before, so you are correct that only conventional savings options are available to you.

Mick70

which is best to open for my eldesT ? - Help To Buy ISA or LISA ?

masonic

Mick70 wrote: »

which is best to open for my eldesT ? - Help To Buy ISA or LISA ?

The two are compared here: https://www.moneysavingexpert.com/savings/help-to-buy-ISA/#tip13

Rich2808

Mick70 wrote: »

which is best to open for my eldesT ? - Help To Buy ISA or LISA ?

No harm in having both - you only need to invest £1 in a help to buy isa upfront and then your eldest has 11 years to save up to £12,000 and claim a bonus of up to £3,000 to buy a house. If you don't act by the end of the month that opportunity is gone.

There is no equivalent deadline for the LISA - but the sooner you start the bigger the bonuses accrued.

As to which is best depends on circumstances and how soon your eldest wants to buy. But either way HTB isas pay good interest rates so nothing to lose by opening one.

baggster

MY partner has never owned a property or been on a mortgage before so is elegible fot HTB ISA but we have 2 children 12 and 7 so is it worth her taking out ISA with a view to buying a property in the future for them?
Is it Election proof/

Thanks in anticipation.

masonic

baggster wrote: »

MY partner has never owned a property or been on a mortgage before so is elegible fot HTB ISA but we have 2 children 12 and 7 so is it worth her taking out ISA with a view to buying a property in the future for them?
Is it Election proof/

What do you mean "buying a property in the future for them"? If she buys a property using a HTB ISA, she needs to buy it to live in herself. Which is fine if you are planning to move with the kids, but not fine if you are waiting for the kids to grow up and move out on their own.

Nothing is election proof

Josparkles

Hi

I know this sounds daft but I have just opened a help to buy ISA with £1 yesterday , when can I put £1200 into it ? 30 Nov...31st Dec... or 31st Jan for my first month deposit ?

Also what is the maximum amount you can put in , in one year ? I am with nationwide

Thanks in advance

Josparkles

You can be eligible for a first time buyer if you haven’t had a mortgage in the last three years , quickly open that help to buy ISA !

eskbanker

Josparkles wrote: »

I know this sounds daft but I have just opened a help to buy ISA with £1 yesterday , when can I put £1200 into it ? 30 Nov...31st Dec... or 31st Jan for my first month deposit ?

As explained in the product summary info at https://www.nationwide.co.uk/products/savings/help-to-buy-isa/features-and-benefits (which you should have read), you have until the end of the calendar month (i.e. 30 November) to pay in up to £1,200, after which you're restricted to £200 per month.

Josparkles wrote: »

Also what is the maximum amount you can put in , in one year ? I am with nationwide

£200 per month is £2,400 per year, plus the extra £1,000 in the first year (if you do so within the first calendar month).

Josparkles wrote: »

You can be eligible for a first time buyer if you haven’t had a mortgage in the last three years , quickly open that help to buy ISA !

No, you're either misunderstanding or misrepresenting the eligibility criteria - if you have previously owned a stake in a residential property (ever) then you're not eligible for a HTB ISA, there is no three-year reset....