Help to Buy ISA guide

Helphelp

Hello, I’m worried because I’m seeing everywhere that you have to pay as little as £1 to open the account, but I opened an ISA today with nothing inside of it in Santander... is this still valid? What does the whole paying £1 to open it actually mean?Thankyou

masonic

Helphelp wrote: »

Hello, I’m worried because I’m seeing everywhere that you have to pay as little as £1 to open the account, but I opened an ISA today with nothing inside of it in Santander... is this still valid? What does the whole paying £1 to open it actually mean?Thankyou

An ISA can be opened with zero balance. In fact it is the only way anyone can open an ISA for the purpose of transferring in another ISA from the current tax year. All providers who accept transfers must permit you to open initially with zero balance.

Rich2808

Helphelp wrote: »

Hello, I’m worried because I’m seeing everywhere that you have to pay as little as £1 to open the account, but I opened an ISA today with nothing inside of it in Santander... is this still valid? What does the whole paying £1 to open it actually mean?Thankyou

Sorry a bit of loose wording from me.

You can open the account - and then add to it later. But bear in mind you can deposit up to £1,200 as a lump sum in month 1 and if you don't add funds to the account within a reasonable time period (e.g. a month) there is a chance it could be closed by the provider.

Interesting stat - apparently 40 people aged over 65 have received help to buy isa bonuses after buying their first home.

https://www.theguardian.com/money/2019/nov/28/last-minute-surge-in-help-to-buy-isa-applications-reported-by-banks

davep12345

Hi
I want to open a Help to buy ISA online for a 16 year,
Q1 are HTB ISA's all Cash ISA's or Could I open a HTB stock and shares ISA ?

Cant open a lifetime ISA, due to age of 16

If HTB stock and shares ISA is available, which is Martin Lewis's recommendation please

Quick response, much appreciated

Thanks

eskbanker

davep12345 wrote: »

Hi
I want to open a Help to buy ISA online for a 16 year,
Q1 are HTB ISA's all Cash ISA's or Could I open a HTB stock and shares ISA ?

Cant open a lifetime ISA, due to age of 16

If HTB stock and shares ISA is available, which is Martin Lewis's recommendation please

Quick response, much appreciated

Thanks

HTB ISAs are cash ISAs, there is no non-cash version. They must be opened by the 16 year old rather than for them....

DeeCee68

Apologies as v late to the game and first forum post. So thankful we saw Martin's program this week. Three generations have signed up as as result :T We have never owned any property but live in hope, even if only the youngest (28yrs) manages to achieve this.:j

I just have 2 questions, Is it still beneficial for my 71yr young mum to have one? Can 3 generations buy the same property and therefore use 3 government bonuses?

Quick response would be much appreciated but remain very thankful/grateful to MSE

masonic

DeeCee68 wrote: »

I just have 2 questions, Is it still beneficial for my 71yr young mum to have one? Can 3 generations buy the same property and therefore use 3 government bonuses?

The real question is can you get a 71 year old put on the mortgage. If so, then she's qualify for the bonus providing the other terms are met. If not, she'd have the benefit of a good savings account in the HTB ISA.

Rich2808

masonic wrote: »

The real question is can you get a 71 year old put on the mortgage. If so, then she's qualify for the bonus providing the other terms are met. If not, she'd have the benefit of a good savings account in the HTB ISA.

As I noted 40 people aged over 65 have so far claimed a help to buy isa bonus so I see no reason why a 71 year old wouldn't be able to be added to the mortgage with younger working age people to qualify. They do at least have certainty of income if they have a state pension.

Monica18

Hi there
Im rather new to this stuff!However our daughter is away at Uni and looking at opening help to buy isa, though she also has a cash ISA - can she have both. Also she is hoping to open help to buy isa with minimum £1 and does she/we have to make monthly payments into the account to keep it active? apologies for all the questions in one go. Kind regards

masonic

Monica18 wrote: »

Hi there
Im rather new to this stuff!However our daughter is away at Uni and looking at opening help to buy isa, though she also has a cash ISA - can she have both. Also she is hoping to open help to buy isa with minimum £1 and does she/we have to make monthly payments into the account to keep it active? apologies for all the questions in one go. Kind regards

Has she paid into the cash ISA this tax year? Which bank is her cash ISA held at?