Help to Buy ISA guide

Rich2808

magpiemale wrote: »

I think it's a bit of a con i mean yes you'll get £400 bonus on the first £1600 but try getting the max bonus and you can't paying a measly £200 in a month.I think as long as you hit the maximum £12000 n odd pounds mark wether that be 12 months or 3 years shouldn't matter.I am looking to save £1400 a month to a down payment on a mortgage in around 15 months where should my money be best put until I am ready ?

Yes - the monthly restrictions do see odd. Why couldn't you put £12k in immediately and get the full bonus now so you can buy a property now at potentially lower prices (who can say) than in 2930. Should make little difference if the aim is helping FTBs.

I can't think why the Chancellor wants to encourage mass house purchases and free taxpayer handouts in 2020 rather than 2015-16 - can you?:D

Sineadg30

Hello Everyone. Sorry if this question has already been asked but I have not been able to read fully all of the questions and answers as there are so many.

I would like to open a help to buy ISA but I already have £10,000 existing savings in a regular isa. I know that if I wish to open a help to buy isa I will need to close my other. I am also aware I can only transfer initially £1,200 to the help to buy is a and so I am just wondering what my best option would be to do with the rest of my savings? Should I simply put it in to a regular savings account? Any help and advice would be much appreciated.

eskbanker

Sineadg30 wrote: »

Hello Everyone. Sorry if this question has already been asked but I have not been able to read fully all of the questions and answers as there are so many.

I would like to open a help to buy ISA but I already have £10,000 existing savings in a regular isa. I know that if I wish to open a help to buy isa I will need to close my other. I am also aware I can only transfer initially £1,200 to the help to buy is a and so I am just wondering what my best option would be to do with the rest of my savings? Should I simply put it in to a regular savings account? Any help and advice would be much appreciated.

You'll get a better return from (taxable) regular savers (6%) and current accounts (4-5%) than on any cash ISA other than HTB, see https://forums.moneysavingexpert.com/discussion/5374614 for ideas

ade1982

What happens if you live in part of the country where you can afford to buy in cash? Will you still get the bonus - do you need to have a mortgage to be eligible?

colsten

ade1982 wrote: »

What happens if you live in part of the country where you can afford to buy in cash? Will you still get the bonus - do you need to have a mortgage to be eligible?

Please read the rules. Amongst other eligibility criteria, you only get the bonus if you take out a mortgage on the property in question. https://www.helptobuy.gov.uk/

Rich2808

ade1982 wrote: »

What happens if you live in part of the country where you can afford to buy in cash? Will you still get the bonus - do you need to have a mortgage to be eligible?

Just take out a small mortgage on an SVR with no tie in - and repay it immediately you get the bonus.

Silly I know - but how will bankers make money if you don't take out mortgages. They have donations to make to finance our electoral process!

Tiggerd_2

Hi, just a quick question on behalf of my son and his fiancee. They went to their bank and enquired about taking out a HTB isa each. Bank told them they have to specify who their mortgage provider will be before starting their isas. Is this right? Not seen any mention of it anywhere. Anyone else been told this?

Ed-1

Tiggerd wrote: »

Hi, just a quick question on behalf of my son and his fiancee. They went to their bank and enquired about taking out a HTB isa each. Bank told them they have to specify who their mortgage provider will be before starting their isas. Is this right? Not seen any mention of it anywhere. Anyone else been told this?

No it's complete rubbish.

Lizzy_123

Hi,
I inherited a commercial property. Does this exclude me from the scheme?

Rich2808

Lizzy_123 wrote: »

Hi,
I inherited a commercial property. Does this exclude me from the scheme?

The eligibility criteria is here

https://www.helptobuy.gov.uk/documents/2015/12/eligibility-of-ftbs.pdf

Did the property contain any parts that could have been lived in as a residential property or was in the process of being converted to so do. So you will need to consider whether you are based on the nature of what you inherited.