Help to Buy ISA guide

Hannah_Watson

I just want to check I've understood.

I have a cash ISA which I haven't paid into so far this year. I'm looking at opening a Help to Buy ISA with Halifax (because why not at 4%?!). Am I correct in thinking I can transfer the total from my existing cash ISA into the Help to Buy ISA?

Archi_Bald

How much is in your existing ISA? You can't transfer in more than £1,000, or may be £1,200 (you need to ask Halifax, they have odd rules apparently) as your opening deposit.

If you have more than £1,200 in your cash ISA, now is probably the time to close that whole ISA down and move your money to better accounts which you can run alongside the H2B ISA: https://forums.moneysavingexpert.com/discussion/5374614

beanie2468

Have read the FAQ and much of this thread, but just want to check I've got this right:

I've been paying into a cash ISA this year since April (opened last tax year, balance is around £8k), so my options are:

-Wait until April to open a HTB
-open a HTB before April, but will need to close my cash ISA and move all the money (less £1200 which can transfer as the initial deposit) to a non ISA account?
-open a split HTB/Cash ISA

Have I understood correctly?

ash_scotland88

I think I found out my answer from an other forum website but here goes...

I currently have 9k saved up, I don't even think it's in an ISA account. This money I've been saving up for my deposit. Is it true the maximum I can save into a HtB ISA is only £200 a month?
In other words there is not a way for me to deposit my current 9k (eg 1k a month) into the new ISA and be eligible for the 25% bonus on this saving?

d'oh. I should have read to the end. I may end up going into Halifax to talk to someone to best discuss my options.

Scampy

I have just read all 25 pages of this thread and it was very helpful. I have been into NW twice to sort a split ISA but was given some questionable (clearly wrong) advice initially which has put me off.

I have paid into an ISA this year so based on everyone's advice I think I'll just get that closed down and open a new HtB ISA with Halifax and put in the max amount. Hoping to buy in the next few months so need to get moving!

SaintKatie01

I have around £400 in a cash ISA that I have paid into in this tax year, would I be able to open the Halifax htb ISA and transfer the money from my current ISA?

colsten

beanie2468 wrote: »

so my options are:

-Wait until April to open a HTB
-open a HTB before April, but will need to close my cash ISA and move all the money (less £1200 which can transfer as the initial deposit) to a non ISA account?
-open a split HTB/Cash ISA

Have I understood correctly?

This correct, with the proviso that if your HTB ISA is with Halifax, they will only allow £1,000 initial deposit, before the 25th of the month in which you open the account. You can also deposit another £200 in that first month.

In your shoes, as you now can't bust the 2015-16 ISA allowance with the HTB ISA, I wouldn't faff about with ISA transfers. Just close the ISA down and then start your HTB ISA.

ash_scotland88 wrote: »

I currently have 9k saved up, I don't even think it's in an ISA account. This money I've been saving up for my deposit. Is it true the maximum I can save into a HtB ISA is only £200 a month?
In other words there is not a way for me to deposit my current 9k (eg 1k a month) into the new ISA and be eligible for the 25% bonus on this saving?

It would help if you knew whether your £9K is in an ISA or a non-ISA account......regardless though, you cannot put more than up to £200 a month into a HTB ISA, plus up to £1,000 in your first month.

I must have said this a few hundred times now: there is no point for 99.99% of all people to have a normal cash ISA. Use an HTB ISA, and save the rest in non-ISA accounts that pay best interest.

SaintKatie01 wrote: »

I have around £400 in a cash ISA that I have paid into in this tax year, would I be able to open the Halifax htb ISA and transfer the money from my current ISA?

Yes you can BUT you should probably not do that, as Halifax will treat this as your first deposit, which can be up to £1,000 but you have only one shot at it. Close your ISA, then open the HTB ISA.

wildflower33

My partner and I have had a mortgage before however now live in rented accommodation. Are we classed as first time buyers?

jimjames

wildflower33 wrote: »

My partner and I have had a mortgage before however now live in rented accommodation. Are we classed as first time buyers?

If you've owned a property before do you think you're a first time buyer?

Sandie5

Hi, if I own a house and the mortgage has always been in my name will my husband therefore qualify for a Help to buy ISA? TIA