Help to Buy ISA guide

eskbanker

MISS.86 wrote: »

I've just opened a HTB ISA but I'm a bit confused regarding the rules for existing cash ISAs. I regularly pay into an ISA that I opened a few years ago, but it isn't new for this tax year. Do I need to close it and withdraw the funds now?

Another referral to post 376 above, but the short answer is yes!

vickimars

Hi I posted the same question, I thought I was being silly at the time but pleased it's unclear for others too!As long as you have your sort code and account number for the new Halifax isa account you can transfer the money directly from your existing bank account through online banking. You can transfer the £1000 as a one off transfer but all future payments need to be set up as a standing order.
Vicki

rdack86

I've bought a property off plan and paid a reservation fee. The bank have told me I need to self certify but technically I don't "own" the property yet. I've seen others have asked this question but I can't see a response. My lawyer won't advise and will only say I have an "equitable interest" we don't complete until end of 2016 but contracts are exchanged, does anyone know if I can open the ISA?
Thanks

rdack86

Has anyone responded on this? I have the same problem

Kreacher

Hey, I opened the HTB Halifax ISA and transferred the £1000 intial deposit today, I then set up a payment of £200 to leave my account tomorrow and then set up a standing order for £200 to leave my account on the 1st of every month starting in January.

Is my £200 December payment going to be rejected because it's not a standing order? Should I set up a one-off standing order to leave on the 25th Dec? Will that arrive in my ISA before the cut-off of the 25th? Thanks.

Kumquats

(Sorry if this has been addressed already.)

I have a Coventry Building Society cash ISA from a previous tax year that matures in 2018. I also have a Help to Buy ISA. Can I transfer my Coventry ISA to a new cash ISA in 2018, while continuing to contribute to my Help to Buy ISA? (i.e. can I open a new cash ISA in a future tax year without putting any "new" money in it, and continue to put my new ISA money into my Help to Buy ISA?)

I am under the impression that you can't open two cash ISAs in a given tax year, but correct me if I'm wrong.

colsten

Kumquats wrote: »

I am under the impression that you can't open two cash ISAs in a given tax year, but correct me if I'm wrong.

You are wrong. You can open as many cash ISAs each year as you like but there are restrictions on subscribing i.e. putting new money into cash ISAs. ISA transfers, as long as they are made by the receiving provider, do not count as subscriptions.

Some providers, e.g. Nationwide and Natwest, offer split ISAs, meaning you can split your ISA allowance between a regular cash ISA and an HTB ISA. Most providers do not offer this, so you have to decide whether to put your money into your HTB or into your regular cash ISA.

Given that the interest rates in regular cash ISAs are abysmal, you should ask yourself why you have one, and why you don't have your money in better paying accounts. Short of a major miracle, this will still be true in 2018.

colsten

Kerryfd wrote: »

Is my £200 December payment going to be rejected because it's not a standing order? Should I set up a one-off standing order to leave on the 25th Dec? Will that arrive in my ISA before the cut-off of the 25th?

If you can set up a one-off SO that leaves your account tomorrow, you should do that, instead of the FP you have scheduled for tomorrow.

If you can't, then all you can do is hope that Halifax won't be rejecting the FP.

Kreacher

colsten wrote: »

If you can set up a one-off SO that leaves your account tomorrow, you should do that, instead of the FP you have scheduled for tomorrow.

If you can't, then all you can do is hope that Halifax won't be rejecting the FP.

Thanks for replying. The earliest I can set up an SO for is the 26th so I guess I'll just have to hope they accept the £200 FP ...

Alohamora

Hi, We have had an offer accepted on a house 3 weeks ago and my husband and I have each opened a HTB ISA with Halifax. We are having trouble getting a Solicitor as no-one is yet registered to claim the ISAs from the government. I have had several Solicitors advising me to go elsewhere as they don't know if they will ever apply to claim ISAs. This has really held up the sale as the Mortgage Adviser and Estate Agent both need me to name my chosen Solicitor before we can proceed. I can't get anyone to commit to applying. Has anyone else had this problem?
I have recently read that Solicitors are not allowed to apply to be able to claim ISAs until the first week of January, if I did find someone but they are not registered in time for my sale does that mean we would miss out?