Help to Buy ISA guide

rhidassa

Great guide. I do have a question:
I have a cash isa from a previous year, which now pays a pitiful rate, but I didn't open one this year, knowing the help to buy ISAs were coming. Am I best doing the 'isa split' with Nationwide?

The other question is with Nationwide - can you transfer if your existing ISA is WITH Nationwide?

Thanks

rhidassa

anistar77 wrote: »

I've seen the news about the new Help to Buy ISA's but have a couple of questions I can't find the answers to. Any advice would be greatly appreciated:

I already have a cash ISA that has a fair chunk of money in it, but I haven't paid into it at all this year - just received interest on it. Does this mean I can't open a new Help to Buy ISA?

Would I have to take all of the money out of the cash ISA in order to have a Help to Buy ISA, as I understand you can't have both running at the same time?

And this is a really basic question, so excuse my ignorance, but do I have a to have a bank account at a particular bank to open an ISA there?

Many thanks for any help given.

I can assist with one part - I don't think you need an account with a provider to be able to open a help-to-buy ISA. In the guide, it mentions if a linked account is needed in the summary for each ISA - I haven't seen one yet that does require it.

Debbie_H_2

Can you still get the bonus if you use the savings to buy a house abroad?

Marc1234

Hi there. My son turned 16 last month. We have been saving for him his whole life. He has £5000 in a bond and £2000 in a low interest paying savings account. I'd like to open up a Help to Buy ISA for him and use his saving account to regularly transfer money over to the new ISA. Would this be allowed?

nawton

So can I just check... if my partner and I bought a property that is valued at £251,000, we wouldn't be eligible for the bonus?

angelofinnocence33

Hi
I think I know the answer but want to check! I have just shy of £15000 in a cash isa only opened a few month ago (so in this tax year), it's money for a deposit. Am I best to close this & then open a help to buy ISA with Halifax and keep the remainder in an instant access savings (which I already have with a 1.50% interest rate) OR open a split Isa with Nationwide? Thank you!

robert2mac

I understand the Help to Buy ISA can only be used for houses up to a value of £250k. However i have 2 questions:

1) can you use this for a shared ownership mortgage when the house valued over £250k but your share is within the £250k limit?

2) If there is a house valued at £260k, and you have a bid accepted for £250k, is this still ok?

Thanks

sibbers89

I have a question with regards to the maximum house price...

Currently this is £450,000 in London, where I would be looking to buy. However, clearly it takes the best part of 5 years to get the £12,000 into the ISA (and get the full bonus). By this time, with house prices rising (especially in London), I will not be able to buy a huge amount for the £450,000 maximum...

My question is: will the maximum house price increase over time, or will it always be fixed at £450,000 in London?

I have searched for an answer to this, but can't find one anywhere! (please correct me if I'm being stupid!)

Julesmarket

Martin says this is a great way for parents to save for their childrens future? How does this work as I understand you can only open a Help to Buy Isa if you haven't bought a property before? If I open one in his name everything has to come from his bank account with NI no etc? Can you please clarify if there is another way round this? Thank you.

Rich2808

sibbers89 wrote: »

I have a question with regards to the maximum house price...

Currently this is £450,000 in London, where I would be looking to buy. However, clearly it takes the best part of 5 years to get the £12,000 into the ISA (and get the full bonus). By this time, with house prices rising (especially in London), I will not be able to buy a huge amount for the £450,000 maximum...

My question is: will the maximum house price increase over time, or will it always be fixed at £450,000 in London?

I have searched for an answer to this, but can't find one anywhere! (please correct me if I'm being stupid!)

The government can change the rules or drop the scheme at any time. It's £450k now - that may change or not. It's a very odd situation as prices in parts of the south east or Cambridge are actually higher than in some areas of London.

To be honest if you can afford to buy a £450k property as a first time buyer then this extra £3k should make little or no difference to you. And don't assume house prices will always go up and up every year - they may not.