Help to Buy ISA guide

nihplod

yeah you might well be right!

BelfastFTB

Alohamora wrote: »

Yes, no problems with that as we are not expecting to complete until mid-February at the earliest and have put the maximum amount allowed in.

My OH and I are doing the same thing. We've each opened one with £1200 and plan on cashing in when it reaches £1600. That is, unless something dreadful causes the sale to fall through, in which case we'll probably be back to the same point as everyone else!

HornetSaver

I'm looking to open a help to buy ISA before the end of January with the maximum opening amount, but have a few short term debts which make me hesitant to commit to the maximum monthly payments just yet. My ability to pay £200 would be based on overtime and that month's level of unforeseeable expenses. If I were to set up a standard monthly payment of £120 or £160 per month, would it be possible to top up that amount with ad-hoc payments in months where I can afford to do so?

If the answer is no for Halifax, any other providers which are a bit more flexible? I'm not too worried about losing a temporary point or two in interest if needs be (though of course it would be nice to have it). My objective is to get close to £12,000 as quickly as possible, because come 2020 private rent where I live would probably force me to choose between saving less or moving a long way away. Therefore in the first year of the ISA, the flexibility of paying as much as I can afford would outweigh the time lost in setting a safe, worst case scenario monthly payment. By this time next year £200 a month will be comfortable due to lack of debt, and I could switch to the best rate if I wasn't already on it. Time-wise a potential £40 of lost interest in 2016 would pay for itself by being rent-free a few months earlier in 2020 or 2021.

LegalCashier

I think I posted on the wrong section before:

Hi all, for many years I've referred to MSE forums but this is my first time posting!! My partner and I are looking for some advice about the new help to buy ISAs. A little about what I have saved so far (partner is the same just a few 100 less than me):

£7,350 in a Virgin Savings Account (1.2% net)
£2,900 in HSBC current account (no int)

I've saved this over the last 12 months (quite good going on a 17k wage!!) My plan is to open a help to buy ISA with £1,200 and transfer £1,200 in to my savings leaving £500 in my current account as an emergency (but fingers crossed never use it). I will then go on to save £650 in to my savings every month for the next year and £200 in the ISA every month too. I feel that the Halifax H2B ISA is the best with 4%, although I'd like to go for the split with Aldemore it's only a 0.1% gain on my virgins saving account.

If I was to open a Halifax ISA and then come April 2017 transfer to a another H2B ISA would I be able to transfer the full amount in my H2B ISA or would I only be able to transfer the initial £1,200?

My partner is in the same boat as me and will do what I do! Hopefully this all makes sense!

Thank you in advance

LegalCashier

Also may be worth adding I'm looking into switching to Halfiax to take advantage of there £100 and £5 p/month. Would the two DDs be ok for 1 going to my savings and 1 going to the Halifax H2B or would that count as internal. I can set up a standing order for my rent (leaving at home so would go to parents HSBC account)

Digne25

I am temporarily on a one year contract working abroad but return to the UK regularly, maintain a UK bank account where I pay my student loan off from and use my family home address for UK correspondence. Can I benefit from a Help to Buy ISA? I am British and have a UK passport.

colsten

Digne25 wrote: »

I am temporarily on a one year contract working abroad but return to the UK regularly, maintain a UK bank account where I pay my student loan off from and use my family home address for UK correspondence. Can I benefit from a Help to Buy ISA? I am British and have a UK passport.

Like with all ISAs, you can keep them whilst abroad but you must be a resident if you want to pay new money in (unless you are a member of the armed forces or on government business abroad, in which case you have no restrictions).

CharlieFarlie

I want to know whether I am legible....
I have never bought a property as such but was added to a mortgage which I am no longer part of.
Am I a first time buyer still???
TIA

colsten

Official definition: https://www.helptobuy.gov.uk/help-to-buy-isa/who-is-eligible/

I would think you are not eligible as being on a mortgage would result in being on the deeds.

Gaynor1989

Im sure this has already been asked but the guide says two individual first time buyers can each have their own HTB ISA and claim the bonus, even if this is towards buying the same house. How does this work when it comes to the mortgage application with both individuals on the same application?

Thanks in advance to the help!