Help to Buy ISA guide

nathan93

Hi all can someone answer my question if I have previously purchased a house in Ireland sold it and now want to purchase in UK could I use this scheme?

Liz_Coggins

Your posts are very helpful Archi Bald but no-one seems to have answered about whether money transferred into my HTB ISA from another ISA from a previous year can count towards the £1,600 or £12,000 ISA balances for minimum and maximum grants? In which case, if a quick transfer can be arranged, presumably I could get a grant on a house purchased this month?

Many thanks in advance

Love2bone

Liz_Coggins wrote: »

Your posts are very helpful Archi Bald but no-one seems to have answered about whether money transferred into my HTB ISA from another ISA from a previous year can count towards the £1,600 or £12,000 ISA balances for minimum and maximum grants? In which case, if a quick transfer can be arranged, presumably I could get a grant on a house purchased this month?

Many thanks in advance

You can't do anything quick. To get to the payout level you need to hold the account for at least 3 months.

No transfer in.

Your plan will not work.

jimjames

nathan93 wrote: »

Hi all can someone answer my question if I have previously purchased a house in Ireland sold it and now want to purchase in UK could I use this scheme?

Depends if you're prepared to lie to the question "have you ever owned a property before"

Archi_Bald

Liz_Coggins wrote: »

Your posts are very helpful Archi Bald but no-one seems to have answered about whether money transferred into my HTB ISA from another ISA from a previous year can count towards the £1,600 or £12,000 ISA balances for minimum and maximum grants? In which case, if a quick transfer can be arranged, presumably I could get a grant on a house purchased this month?

If you buy this month, an HTB ISA will be no use to you for the reasons I gave earlier, and therefore the question of whether you can transfer in from any year, current or previous, doesn't arise.

If you were to buy in February, the situation would be different.

I posted a link to the official government Q&A for you, did you try to get your answer from there?

nat21luv

Just opened a H2B ISA with Halifax and funded it with £1000. From what I understand reading Halifax's T&C I can add Decembers £200 in 21 days. I am really hoping I can get together enough deposit to be able to use this bonus and the H2B deposit scheme to buy my first home before it expires at the end of next year- wish me luck!

Archi_Bald

You can, and should, add your December £200 straight after you made your initial deposit. Though I think they insist it comes by SO, so it probably wouldn't be processed before Monday now.

You must pay your monthly deposit by one standing order, to be received on or before 25th of the month. Can pay in a ‘monthly deposit’ in the month you open your Help to Buy: ISA as well as your initial deposit. This must be received by standing order on or before 25th of the month.

http://static.halifax.co.uk/assets/pdf/isas/pdf/cash-isa-account-conditions.pdf

If you waited for 21 days, you'd now miss their deadline as 5 + 21 = 26. Also, the 26th is a Saturday, when no SOs will be processed by Halifax or most other banks.

Lolly88

When interest is paid on the account will this count towards the amount that can be credited that month. e.g. on one year anniversary if I get £50 interest, can I only add £150 that month instead of £200?

Rich2808

Lolly88 wrote: »

When interest is paid on the account will this count towards the amount that can be credited that month. e.g. on one year anniversary if I get £50 interest, can I only add £150 that month instead of £200?

No - interest is on top. You can add £200 every month.

stevelfc26

Quick question.

I already have a normal cash ISA which I've saving into monthly the for last 2 years.
Would I be able to open a Help to Buy ISA as well?

From what I understand so far, if you have already opened a cash ISA from a previous tax year then this should be okay?

Thank you