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Help to Buy ISA guide

edited 30 November -1 at 12:00AM in ISAs & Tax-free Savings
2.3K replies 350.4K views
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  • colstencolsten Forumite
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    Hmm.. so if its related to the title deeds rather than the mortgage, how would we go about getting my name put on them? Would it effect the mortgage application? Any guidance is gratefully received.
    Sorry, no idea - there's probably someone on the House buying board who would know.
  • misscleavagemisscleavage Forumite
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    Seventh Anniversary Combo Breaker
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    Can anyone tell me if you can use help to buy isa for a mortgage for a self build home

    Thanks
  • Hi I have signed up with the Halifax today at 4%. What happens in April if they drop the interest rate? Martin Lewis said it is like any other ISA and you need to switch to get the best rate. How do you do that as there are more conditions with these Help to Buy ISA's, max deposit, so how would you move your savings to another help to buy ISA?
  • Currently I could save the £200 per month into a HTB-ISA. I was wondering what happens if I want to open another ISA after April 2016 as I may be able to save more next year. Can I contribute to both to reach my tax free savings limit?
  • MJDMJD Forumite
    32 posts
    Have I understood this correctly?

    I am aware that I cannot have a Cash ISA and a HTB-ISA in the same tax year (yes I know that the Nationwide are doing a split ISA but that aside).
    I have paid about £3000 into a cash ISA this tax year. If I withdraw that £3000 from the account so that I no longer have a current tax year's cash ISA and do not pay any more into that account does this then qualify me to open a HTB ISA?
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • bobmorleybobmorley Forumite
    16 posts
    I'm a bit confused about the nationwide ISA spilt. Do I just apply for their regular ISA and their help to buy ISA separately, then just pay into each as normal, or do I need to do something specific? I can't see anything on their site about this at all.
  • jimjamesjimjames Forumite
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    really useful article, especially the details of the ISAs you can split so as not to lose the rest of the allowance.
    Thanks:T
    I'm not sure why you'd need to worry about losing the rest of the allowance unless you're using it for s&s ISAs. You'll get far better return outside a cash ISA.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • MARTYM8`MARTYM8` Forumite
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    cecchi wrote: »
    Hi I have signed up with the Halifax today at 4%. What happens in April if they drop the interest rate? Martin Lewis said it is like any other ISA and you need to switch to get the best rate. How do you do that as there are more conditions with these Help to Buy ISA's, max deposit, so how would you move your savings to another help to buy ISA?

    You can transfer the ISA to another provider paying a better rate any time – but you must transfer the entire balance.

    Doubt Halifax will cut the rate – it’s a loss leader as they want your mortgage business and think this is a good way to entice you to join the family.

    You don’t have to take out a mortgage with your help to buy ISA provider – but they are probably hoping that you will. Compared to the profit they will make on a 25 year mortgage the 4% interest on the HTB isa is peanuts.
  • It says you can only contribute to one cash isa in a tax year, does this mean that this will be the only cash isa you can out money in for as long as you have it. For example if I deposit £200 into a help to buy isa every month for 5 years i wont be able to put money into any other cash isa in those 5 years? therefore i would lose out on a lot of tax free eligible savings.
  • edited 1 December 2015 at 7:43PM
    MARTYM8`MARTYM8` Forumite
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    edited 1 December 2015 at 7:43PM
    riccirus wrote: »
    It says you can only contribute to one cash isa in a tax year, does this mean that this will be the only cash isa you can out money in for as long as you have it. For example if I deposit £200 into a help to buy isa every month for 5 years i wont be able to put money into any other cash isa in those 5 years? therefore i would lose out on a lot of tax free eligible savings.

    Yes - if your HTB isa is with Halifax or Virgin or Barclays or most providers at present.

    However this does not apply with Nationwide, RBS/Natwest, Aldermore or Newcastle as you can invest in both a cash isa and a HTB isa each tax year under their split isa arrangements.

    Why they cannot all introduce this option is a loss to me.

    You may of course earn more in a current account or regular saver than a cash isa - so look at your options.

    What annoys me is when certain providers include this statement in their terms - yes you can just not with THEM! Its wrong.

    "You can't pay into a Help to Buy: ISA and a Cash ISA in the same tax year"
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