Help to Buy ISA guide

eskbanker

beebles wrote: »

Hi
I opened a Help to Buy ISA with Halifax. I then bought a property with my ex, but am no longer on the deeds or paying the mortgage. We did not use my Help to Buy bonus as the property ended up costing more than the limit.
I have kept the H2B ISA open because it has a relatively good interest rate, but now I have more money that I want to save (c£40k) and can't open another ISA in this tax year.
Can I transfer the H2B ISA to another ISA with a different provider? I saw the best rate with Nationwide who let you split ISAs but I'm guessing I can't move it to a H2B ISA as I'm no longer a first time buyer?
Thank you!

You're no longer eligible to hold a HTB ISA, never mind open a new one, but yes, you can transfer it to another ISA (that accepts inbound transfers).

Given a new pot greater than a year's ISA allowance, you'll be needing to put at least some of it outside ISAs anyway, so you might look at taxable accounts for all of it, as these will probably outperform cash ISAs unless you exceed your personal savings allowance....

Clarky13

Is it possible to set up a Help to Buy ISA on behalf of someone else, without them knowing? My two children (21 and 24) have been left some money in a family will and I would like to open an ISA for them both, but don't really want them to know - my eldest would see it as a party fund!!

Any advice or do I just have to hope they have the willpower to keep the money safe until property-buying comes along?

eskbanker

Clarky13 wrote: »

Is it possible to set up a Help to Buy ISA on behalf of someone else, without them knowing? My two children (21 and 24) have been left some money in a family will and I would like to open an ISA for them both, but don't really want them to know - my eldest would see it as a party fund!!

Any advice or do I just have to hope they have the willpower to keep the money safe until property-buying comes along?

You're not allowed to open any adult accounts on behalf of someone else, as individuals are solely responsible for their finances (and declarations to HMRC) so can't do this if there are accounts they don't know about.

If they've been left money in a will, it's legally theirs and you don't have the right to intervene anyway....

RickHoughton

Me and the wife are pretty skint at the moment, but are hopeful this will change in the new year, is it worthwhile opening a HTB Isa now? Wewont be able to save anything until Jan/Feb

masonic

RickHoughton wrote: »

Me and the wife are pretty skint at the moment, but are hopeful this will change in the new year, is it worthwhile opening a HTB Isa now? Wewont be able to save anything until Jan/Feb

There's no harm in doing so. Obviously you'll miss out on the opportunity to deposit the extra £1000 in the first month, but it sounds as though that won't be a major concern.

Stu200

My wife owns the house we live in and the mortgage is only in her name.
I have never owned a property and have a HTB ISA.
When the mortgage is up for renewal can I get added to the deeds and mortgage and use my ISA and government bonus to increase the amount paid off?

eskbanker

Stu200 wrote: »

My wife owns the house we live in and the mortgage is only in her name.
I have never owned a property and have a HTB ISA.
When the mortgage is up for renewal can I get added to the deeds and mortgage and use my ISA and government bonus to increase the amount paid off?

See posts #1953 to #1956 above....

masonic

Stu200 wrote: »

My wife owns the house we live in and the mortgage is only in her name.
I have never owned a property and have a HTB ISA.
When the mortgage is up for renewal can I get added to the deeds and mortgage and use my ISA and government bonus to increase the amount paid off?

Further to the above posts, which point out that you probably wouldn't even be eligible to hold a HTB ISA in your situation, nobody is able to use a HTB ISA unless they are buying a property at arms length from a seller using a registered conveyancer/solicitor.

stinky_daddy

Hello all

I am looking into the possibility of opening the following:

DS1 (H2B ISA) - he is 19
DS2 (H2B ISA) - he will turn 16 on Thursday 28th
DD1 (H2B ISA) - she is 17
me (H2B ISA) - am over 40 although never owned a property before, always rented previously

The accounts for DS1 & DD1 will be opened / maintained by them

Looking at the article, is it just for people aged under 40, that can take one out - do I need to look at LISA's instead?

What happens (in the worst-case scenario) that DS1 & DD1 don't find a property within the 10 years allowed, or, is this time-period just for the bonus from the government to be claimed by and their is no time-limit on finding a property?

DS2 has had a problem with his NI number, as he never received it - had to contact them last week to re-issue it to him, am assuming if he doesn't have it by the deadline, he will miss out?

TIA

s_d

karenccs67

Do you only get the government bonus if you buy a property? If for whatever reason you don’t, do you only earn the interest the provider is paying?