Help to Buy ISA guide

JamesBradley002

If I'm paying into a help to buy ISA and decide that I wish to work abroad for a couple of years before coming back to the UK to buy my first home, can I continue to pay into the ISA whilst working abroad?
Thanks.

colsten

Unless you are in the Services or work for the UK Government, you are not allowed to make payments into any ISA whilst abroad. You are allowed to keep the ISA dormant.

JR1993

Hi there. I've had an instant access ISA for a few years now which I pay into regularly. As I did not open the account this tax year am I able to continue to pay into it and my new HtB ISA or do I need to close this account?

Thanks

colsten

You cannot pay into more than one cash ISA in a single tax year. The opening date is totally irrelevant.

Some providers, for example Nationwide, offer split ISAs which enable you to put your money into more than one product. So you could transfer your ISA to Nationwide and then start an HTB ISA with them. This would overall be a really bad solution as it pays you only half the top HTB rate, and the rest of the ISA money will earn not even half of what your money could earn outside an ISA. Mind you, Nationwide will probably pay a much better rate than you get in an ISA that you have had for a few years - - what is the interest rate you get currently?

Check this thread for the best non-ISA rates:
https://forums.moneysavingexpert.com/discussion/5374614

bigup7

really interested in this ISA

I have a Halifax Cash ISA already which i have payed into this tax year

I also have a second current bank account at Santander, which i have asked to change to a 123 account

I plan to move my current ISA cash lump sum to Santander 123 then close my Halifax isa and then open up a HTB at Halifax

colsten

The 123 pays better interest than a cash ISA on £3K-£20K but is one of the worst of the interest-paying current accounts due to their steep monthly fee. See the link I posted earlier for better rates.

Tropically

I want to use the help to buy isa and also buy off plan. Will I be able to keep saving until the date of completion or will it only be valid during the contract exchange?

JR1993

Ok thanks for clearing this up, as I already have should I cancel the HTB one or my virgin cash isa?

Thanks

Clixangel

I am a tenant and rent a house from a housing association which I live in with my daughter, her husband and their son (my grandson).
My daughter and I recently applied for "The Right to Acquire" the house we are in. Whilst this was being considered the Conservatives came into power and are trying to give us the right to buy, which will mean a higher discount. So we have decided to wait and see what happens and in the mean time keep saving and increase the deposit.
As we are mother and daughter we are going to purchase jointly, the Housing association are fine with this as this house is also my daughters permanent residence since we moved in three years ago. We know we can get a joint mortgage as we had already raised a joint mortgage with Santander 3 years ago but the seller pulled out last minute.

My question is this:
Can my daughter and I each open a separate HTB ISA for the deposit to purchase our house jointly, even though we are not husband & wife / partners etc?

colsten

Clixangel wrote: »

My question is this:
Can my daughter and I each open a separate HTB ISA for the deposit to purchase our house jointly, even though we are not husband & wife / partners etc?

Anybody who is a UK resident and qualifies as a First Time Buyer can have an HTB ISA. More than one person can receive an HTB ISA bonus for a joint property purchase. There are no requirements regarding the relationship of the parties involved. https://www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/