Help to Buy ISA guide

colsten

Point your solicitor at https://www.helptobuyisaadmin.org.uk/conveyancers/the-scheme

The FAQ for yourself is here: https://www.helptobuy.gov.uk/help-to-buy-isa/faq/

BrokeHorse

I have a help to buy isa in place but I couldn't get the funds togeather in the 21 days for the £1200 deposit so that's 6 months further down the line of getting even the minimum bonus on them. But I was looking not to buy for a year or so anyway.


Recent events in the family has meant that I have been given the opportunity to have the family purchase a house and I live in it as a paying tenant for the first year and then get a mortgage to buy into the property as a shared owner with the family.


Can I do this, with the help to buy isas? I know the scheme says you can enter into shared ownership property, but does this shared ownership have to be with housing associations/builders or can it be with me going into partnership with the family?


also I do seasonal work which will mean about 3 months of the year I will be working the other end of the country. I would like to legally put my house up as a holiday let, it will remain my main residence, just diffenret people will stay in it each week whilst I work away. All helps for me to pay the shared ownership rent and buy a little more of the house from the family each year.

Lw1994

I already have a cash ISA that I opened in april 2015, can i open a help to buy ISA now or do i need to wait until april and close my current cash ISA? its so confusing!

masonic

Lw1994 wrote: »

I already have a cash ISA that I opened in april 2015, can i open a help to buy ISA now or do i need to wait until april and close my current cash ISA? its so confusing!

It depends on whether you paid any new money into the ISA you opened this tax year. If you did, you might be able to transfer your ISA into a HTB ISA, but you can't open a HTB ISA this tax year unless you do so. If you didn't pay any new money into the ISA then there is nothing stopping you opening a HTB ISA now.

Angieradford

Can I save money in a help to buy ISA and get the bonus if I'm going to buy a house outright without a mortgage?

masonic

Angieradford wrote: »

Can I save money in a help to buy ISA and get the bonus if I'm going to buy a house outright without a mortgage?

No, the bonus money is only added at the point you use the funds as a deposit as part of a mortgage application. However, the Halifax account is worth having just for the unusually high interest rate (although there are also 5% current accounts that could be filled first).

If you can afford to buy outright, then you probably don't need Help to Buy

safehouse

Hi, hoping someone can anyone help with my question please.
My sister is buying her home in April or May this year "21,000" she is getting the house alot cheaper as she has been a council tenant for years and is entitled to full discount. She has struggled over the years and managed to save £18,000 and is only 3,000 short of buying the property out right. Would she be able to put her money into a help to buy ISA or would she have had to have saved over a much longer period to qualify for the help to buy scheme....hoping someone can give some well needed advice xx

Aini

Just please do avoid Virgin Money
I invested the full 15k limit in April 2015. Due to administrative issues over my name maiden vs married they are still holding the money nearly a year later. They refuse to return the money or open the account. They won't budge unless the Ombudsman rules against them, that could take months

LittleBeastie89

I've seen discussed within this thread payment into a Halifax HTB ISA being paid by standing order but does anyone know whether the same applies to other HTB ISAs? As I plan to buy a house before I would get any interest I opened one with BoS so I could just transfer £200 per calendar month from my account into my ISA, I'm wondering now whether this will have implications when I try to claim my bonus since I haven't paid by standing order. Would be grateful if anyone could provide some insight. Thanks.

colsten

LittleBeastie89 wrote: »

I've seen discussed within this thread payment into a Halifax HTB ISA being paid by standing order but does anyone know whether the same applies to other HTB ISAs? As I plan to buy a house before I would get any interest I opened one with BoS so I could just transfer £200 per calendar month from my account into my ISA, I'm wondering now whether this will have implications when I try to claim my bonus since I haven't paid by standing order. Would be grateful if anyone could provide some insight. Thanks.

Whether you need to pay by SO or not depends on the provider. You need to check the T&Cs / speak to the provider of your HTB ISA.

On the point of interest payment: if you close an instant access ISA (which an HTB ISA is) before its usual interest payment date, all providers will pay interest up to the closing date.