Help to Buy ISA guide

masstca

Thanks a lot eskbanker!
My plan would be to transfer my H2B ISA to one of the providers suggested in the link (assuming they have the same product) and then open a Cash ISA with them. Being allowed, I will open a LISA as well. At the moment I am not too comfortable with the stocks&share, due to the risk of losses.
Kindly, would you think that the plan above might work? Or am I misunderstanding again some cavil?  Thanks!

masonic

masstca said:

Thanks a lot eskbanker!
My plan would be to transfer my H2B ISA to one of the providers suggested in the link (assuming they have the same product) and then open a Cash ISA with them. Being allowed, I will open a LISA as well. At the moment I am not too comfortable with the stocks&share, due to the risk of losses.
Kindly, would you think that the plan above might work? Or am I misunderstanding again some cavil?  Thanks!

If your intention may be to switch using a LISA for your house purchase, then S&S investments would not be suitable for that purpose, but if using the LISA for retirement, now is a very good time to start making regular contributions into S&S and cash would be unsuitable for such a long investment horizon.

eskbanker

masstca said:

Thanks a lot eskbanker!
My plan would be to transfer my H2B ISA to one of the providers suggested in the link (assuming they have the same product) and then open a Cash ISA with them. Being allowed, I will open a LISA as well. At the moment I am not too comfortable with the stocks&share, due to the risk of losses.
Kindly, would you think that the plan above might work? Or am I misunderstanding again some cavil?  Thanks!

Yes, you can pay into multiple cash ISAs with one of the split ISA providers, plus up to £4K into a LISA too, provided that your overall total contributions into all ISAs are no more than £20K in any tax year.

Remember that it you're looking to buy your first property, you can only use the 25% government bonus from either the HTB ISA or the LISA, but not both, when doing so....

masstca

Thanks a lot for your helpful answers.
Unfortunately, I checked all the providers who lump multiple cash ISAs together as if they were one and, as far as I understand, none of them would allow me to move my H2B ISA to their banking. Maybe I should open a LISA and then move my H2B into it.

masonic

masstca said:

Thanks a lot for your helpful answers.
Unfortunately, I checked all the providers who lump multiple cash ISAs together as if they were one and, as far as I understand, none of them would allow me to move my H2B ISA to their banking. Maybe I should open a LISA and then move my H2B into it.

You could keep your H2B ISA for the (usually) high interest rate and keep any excess savings there. Depending on the balance of your HTB ISA, you wouldn't be able to move all of it across in a single tax year anyway and it makes sense to do so late in each tax year until you are ready to buy.

perry22k

If you pay in £200 a month as I have been for the last few years and now over the £12,000 required for the maximum £3000 bonus, can I drop my monthly payment from £200 to £1 a month and still get the full £3,000 bonus when I apply for this?

Alexland

perry22k said:

If you pay in £200 a month as I have been for the last few years and now over the £12,000 required for the maximum £3000 bonus, can I drop my monthly payment from £200 to £1 a month and still get the full £3,000 bonus when I apply for this?

You could drop or stop the contributions but the interest rate on the account might be sufficiently attractive to continue contributing the maximum each month?

Kermykins17

Need some help.
i have a Help to Buy ISA but my partner owns his own house. Will we be able to apply for a joint mortgage. He will use the money he makes on selling his house and I will use the Help to but bonus for our deposits. Should I just transfer my ISA to a high interest savings account so I can save for a deposit. 

masonic

Kermykins17 said:

Need some help.
i have a Help to Buy ISA but my partner owns his own house. Will we be able to apply for a joint mortgage. He will use the money he makes on selling his house and I will use the Help to but bonus for our deposits. Should I just transfer my ISA to a high interest savings account so I can save for a deposit. 

If you are buying a new home together, him not being a first time buyer has no impact on you being able to use your HTB ISA and claiming the bonus if you haven't owned property before.

Middle_Sister

I have a HTB ISA which only has another 3 payments to go but with the interest added, it takes it over the £12,000.  Is this okay?
Also the limit of buying a house up to £250,000 isnt high enough as I plan on buying a house in the £400,000 range (outwith London).  Do I have to transfer my HTB ISA into a LISA? My HTB ISA rate is pretty good and LISA rates are not. I'm confused.