Help to Buy ISA guide

colsten

Not sure I understand your question but if it is about getting the bonuses for both applicants: your Solicitor or Conveyancer will process the bonus request for each HTB ISA holder. Clearly it would make sense to ask for both bonuses at the same time.

Have you read the official FAQ? https://www.helptobuy.gov.uk/help-to-buy-isa/faq/

eskbanker

CharlieFarlie wrote: »

I want to know whether I am legible....

Yes, I could read every word of that, no problem

ceewash

Been reading about the help to buy isa with Virgin money. If I have an existing cash isa with Virgin can I transfer it to a help to buy isa. It doesn't seem like I can. So how do I go about opening one? Do I have to close the cash isa first?

Phaelok

Even though I have opened a HTB ISA with the Halifax I see this only as a 6-12 month option.

House prices will be such that holding a HTB ISA for the maximum bonus will not actually benefit anyone in the slightest.

colsten

ceewash wrote: »

Been reading about the help to buy isa with Virgin money. If I have an existing cash isa with Virgin can I transfer it to a help to buy isa. It doesn't seem like I can. So how do I go about opening one? Do I have to close the cash isa first?

This question gets asked again and again. The answer is always the same.

I already have a cash ISA – can I open a Help to Buy: ISA too?
You can put money into a cash ISA and Help to Buy: ISA in the same tax year, but you will have to take additional steps.

If you paid into a cash ISA after 5 April 2015, to open a Help to Buy: ISA this tax year (ie before 6 April 2016), you will have to transfer your active cash ISA to a Help to Buy: ISA.

You can transfer up to £1,200 of your active cash ISA balance into your Help to Buy: ISA. Anything more than this should be moved into either a stocks and shares ISA or a non-ISA account.

Alternatively, portfolio ISAs allow you to hold multiple ISA products within a cash ISA wrapper. You can still only have one active cash ISA but it can be made up of one or more standard cash ISA products, including a Help to Buy: ISA. With a portfolio ISA, you can save into a cash ISA and a Help to Buy: ISA at the same time. The standard cash ISA and Help to Buy: ISA allowance limits will still apply.

You are able to continue to save money into a stocks and shares ISA, even if you open a Help to Buy: ISA.

- See more at: https://www.helptobuy.gov.uk/help-to-buy-isa/faq/#sthash.kvld69BJ.dpuf

ceewash

Sorry I hadn't read all the posts. I specifically wanted to know about Virgin. This quote seems to be saying that you can't transfer from another cash ISA. I didn't know if the "elsewhere" refers to non Virgin ISAs or just Virgin ISA.

"You can't transfer funds from a Cash ISA held elsewhere, to a Virgin Money Help to Buy: ISA. Other ISA managers may allow you to do this, but you can only transfer up to £1,200 in the first month of subscription, or £200 in any subsequent month."

spoon85

I currently have a cash ISA for this tax year with Virgin. My plan was to transfer to Nationwide where I can split my ISA across both HTB and cash. Ideally I want to make a deposit by the end of December to make the most of the HTB ISA however I am aware that cash ISAs can take a few days to transfer.

I called Nationwide to check whether I could open up the HTB ISA, start the transfer process AND also make an initial deposit before the transfer was complete. Although I was fairly certain that the answer would be no, I thought I would double check. I was advised that I could make the deposit as long as the total across both accounts was less that £15,240. I wasn't convinced and told the advisor that I thought you were only allowed to subscribe to one cash ISA in a tax year. Her answer was "No, you can have as many as you like as long as you don't exceed the allowance".

Can anyone confirm whether I can make the deposit while the transfer is in progress? i.e. as long as I've requested a transfer can I pay in?

*Although by the advisor's logic I may as well leave my current cash ISA where it is (better interest) and open a new HTB ISA alongside it!

misshoneybakes

I'm a part owner of a property with my parents but would like to open a HTB ISA to buy a property of my own, would my partial interest in that property prevent me from qualifying for the help to buy ISA?

jimjames

misshoneybakes wrote: »

I'm a part owner of a property with my parents but would like to open a HTB ISA to buy a property of my own, would my partial interest in that property prevent me from qualifying for the help to buy ISA?

You might like to open one but if you check the T&Cs you'll find you can't

MARTYM8`

Phaelok wrote: »

Even though I have opened a HTB ISA with the Halifax I see this only as a 6-12 month option.

House prices will be such that holding a HTB ISA for the maximum bonus will not actually benefit anyone in the slightest.

Who can predict what the future holds. Everyone thought prices would rise in Northern Ireland for ever - and in 2009 they fell 50%.

There will always be areas that boom more than others - and places where prices have barely moved since 2007 or fallen.

In London £3k is not going to help much - in the North east it could go long way.