Help to Buy ISA guide

philip_andrews

If I transfer previous ISA's do these count towards the amount that the Government bonus is paid on?

jimjames

philip_andrews wrote: »

If I transfer previous ISA's do these count towards the amount that the Government bonus is paid on?

Yes. But it's not a way to avoid the contribution limits

King_Nothing

Hi,

Does anyone forsee any problems with using a HTB ISA when buying a house using the RTB scheme, thinking about buying parents house in a few years time. Thanks.

colsten

The HTB ISA bonus can be used if both you and the property fulfill the eligibility criteria. https://www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/

RTB can be used if you qualify for the RTB scheme. https://righttobuy.communities.gov.uk/am-i-eligible/

If the eligibility criteria for both schemes are fulfilled, they can be combined.

MARTYM8`

philip_andrews wrote: »

If I transfer previous ISA's do these count towards the amount that the Government bonus is paid on?

You can only transfer in up to the permitted investment limits for the HTB isa - a £1k lump sum in month one plus the £200 a month allowance and then £200 per month in month 2 and thereafter.

Halifax allows you to use an ISA transfer (partial prior year or the whole of your 2016-17 cash isa payments if £1k or less) to fund the initial £1,000 but the £200 in month one and thereafter must be paid by standing order which must reach them via a certain date in the month.

Nationwide for example allows – in theory – all payments to be made by ISA transfer albeit in practical terms unless you hold another isa with Nationwide and can do this online you will need to pay the £200 for month 2 onwards by bank transfer/standing order or by cheque/cash in branch.

Other providers may offer different rules.

So while Halifax does pay the best rates their rules are fiddly so make sure you follow them!

Sleepy_head_PCN

Hi


Maybe a daft question but in point 3 of Martins need to knows, he says...
'As for what a first-time buyer is – the definition is strict. It's someone who doesn't own and has NEVER owned an interest in a residential property, either inside or outside the UK, whether it was bought or inherited.'


My husband and I have a house but the mortgage and all the legal bits are in my name, we were thinking of buying another house in his name only and renting our current one out. As we are married and he contributes to our home financially does this mean he has an owner interest in our current home, and therefore would not qualify for the ISA.


Thanks in advance xxx

colsten

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

You can ask HMRC or UKAR if you need further clarification.

ncfc_123

Just a quick query. I've recently opened a help to buy ISA with Halifax. I put the £200 initial deposit in as I did not think I would have any more to put in within the first 21 days. However received a nice unexpected bonus at work last week so I've been able to put in an extra £600. I put that in today as its still just within the 21 days. Is this going to be ok as I didn't know if the initial deposit all had to be in one lump instalment or if you can put some more in as long as it's within the 21 days. Couldn't see anything on the Halifax site about this so assumed it must be ok but just wanted to see if anyone on here can tell me?

parsnp

Hi,

I have an old ISA account opened in 2013 with 5k inside. I want to apply for a Halifax Help To Buy ISA but in their terms and conditions it says you cannot pay into another cash ISA in the same tax year.

As I have put money into my existing ISA would I have to wait until April to open the account and then empty and close my account, or can I do this at any time?

Additionally as I can only transfer part of my savings, what would be the best way to store the remaining money?

Thanks!

Super_Whiskey

Hi,

I'm looking to open up a HTB ISA and one thing I wanted to make clear is do I have 21 days to deposit £1200? I want to send £1 to make sure I put the details in right on my online banking (inter-bank transfer) and then send the remaining 1199 across. Am I alright to do this?