Help to Buy ISA guide

Strummer22

mellowmarshyellow wrote: »

I called the bank and they said I can't reopen my Help to Buy ISA, I would instead have to start from scratch, meaning I lose out on the £400 government bonus that I've earnt to date. Are the bank right or wrong? If they're right then this seems very unfair because I haven't benefited from withdrawing the money, and it wasn't my fault the seller withdrew.

Your bank is wrong. See https://www.helptobuy.gov.uk/help-to-buy-isa/faq/

"What happens if my house purchase does not go ahead?
If your property purchase doesn’t go through, after you have claimed your bonus, you can re-open your Help to Buy: ISA. Your solicitor or conveyancer will return your bonus to the government, and give you a document (called a purchase failure notification) confirming your property purchase did not complete. If you take this to your bank or building society, they will re-open your account for you. At this point, you will be able to deposit your money as a lump sum. So, if you closed your account with £12,000 in it, you will be able to re-deposit £12,000.

- See more at: https://www.helptobuy.gov.uk/help-to-buy-isa/faq/#sthash.Uf0W20en.dpuf"

perkanater

My partner has a cash ISA with HSBC with a one off payment off £300 and in return he gets £10 a month. After 10 months the payments will stop.
Can he open up a help to buy cash ISA the same tax year?
He has not used his full allowance.

eskbanker

perkanater wrote: »

My partner has a cash ISA with HSBC with a one off payment off £300 and in return he gets £10 a month. After 10 months the payments will stop.
Can he open up a help to buy cash ISA the same tax year?

Only if he closes the HSBC one first, see http://www.moneysavingexpert.com/savings/help-to-buy-ISA#cashisa for further details.

ghotiman

I owned a house with my ex wife over 17 years ago but nothing since - my question is simple - can I get a HTB ISA? How would they check if I'd owned a house at some point in the distant past? My new partner (of 16 years) is in the same boat so your answers are relevant to both of us. Any and all advice would be very welcome indeed. Thanks in advance.

colsten

Why would want you pretend you are first time buyers when you are not, and why would you want to make false declarations to a bank and to government?

https://www.helptobuy.gov.uk/help-to-buy-isa/who-is-eligible/

masonic

ghotiman wrote: »

How would they check if I'd owned a house at some point in the distant past?

How would they check all of the mileage expenses I claimed from my employer were genuine?
How would they check those stock items I'd slipped into my bag were missing?
How would they check I'd not received a payment to accept that quote from a supplier?
How would they check I was declaring all of my income for tax purposes?

TERMIN8TOR

Hi. Anyone here familiar with the Nationwide split ISA? How exactly do I go about doing this? Do I open the Help to Buy ISA first and then open another of their basic ISAs? Do they have to be done at the same time? Thanks

masonic

TERMIN8TOR wrote: »

Hi. Anyone here familiar with the Nationwide split ISA? How exactly do I go about doing this? Do I open the Help to Buy ISA first and then open another of their basic ISAs? Do they have to be done at the same time? Thanks

There is no specific process that you have to follow. But you should consider carefully whether it is worth compromising on the rate of your HTB ISA just so that you can take out a cash ISA as well. You could get 4% on your HTB ISA if you don't require a cash ISA as well and better rates are available outside of cash ISAs. Since you may want to put the cash ISA money towards your deposit in a few years, the ISA status of the money may be unimportant.

Rhysd007

Hi guys, bit of an urgent one here, wondering if anyone can help. I am due to complete this week, but solicitors are saying that claiming the Help2Buy will delay by possibly 28 days.

I've checked helptobuyadmin website and they say 5 business days, with possibilities of a 'fast-track' option.

Has anyone cashed theirs in yet, and how long did it take? Much appreciated guys.

wawyed

I have £17000 in a Post Office Cash ISA and I usually save around £500+/month. I'm also a first time buyer that plans to buy a house this or next year. Would the HTB-ISA be appropriate for me? If so, what should I do with the additional money saved? or should I open another Cash ISA?