Help to Buy ISA guide

jimjames

colsten wrote: »

Strictly speaking, you are [allowed to open more than one cash ISA each tax year]. The restriction is about paying into more than one ISA in the same tax year, regardless of when it was opened. Some split ISA providers allow both, but as you say, there is really no point to saving into anything but an HTB ISA, especially for those who qualify for the HTB ISA.

Updated post now, I wasn't originally referring to the ISA but the options.

Sal_1507

Thank you for your advice!

I'll open the HTB ISA and switch my current account to the Santander 123 account.

mattcoe1001

Quick question if someone is on a mortgage on a house but is not on the title deed can they still open a help to buy ISA and get the bonus?

Thanks

masonic

mattcoe1001 wrote: »

Quick question if someone is on a mortgage on a house but is not on the title deed can they still open a help to buy ISA and get the bonus?

Thanks

If you are party to a loan secured on a property, then you have an interest in the property, unless you were simply named on the loan agreement as a guarantor, or perhaps if you have never lived in the property and have never received any income connected with the property.

RooInman

I have previously owned a property, but never resided in it as it was let out to tenants with security of tenure. Does anyone know if I am eligible to open a Help to Buy ISA?

masonic

RooInman wrote: »

I have previously owned a property, but never resided in it as it was let out to tenants with security of tenure. Does anyone know if I am eligible to open a Help to Buy ISA?

Bolded text means that you are not eligible.

Darkky

I am thinking of opening the Halifax HTB ISA before this tax year ends (just for the rate though, it is unlikely i will be using it to buy a house). However, what i am unsure of;

- in case i change my mind later, can i transfer it to a regular cash ISA and get the remaining allowance for the current tax year (less what i have already paid into the HTB of course)?
- if i decide to close the HTB (or transfer it elsewhere for that matter) before the yearly interest payment is due, will i get the partial interest accrued, i.e. if i open it on 1 April and close it on 1 June will i get 2 months interest? I guess this might be provider specific, but cannot find it anywhere in Halifax's T&C
- can the £1000 initial deposit be paid together with the first month's £200 as one lump sum payment of £1200 and only subsequent top ups to be paid via a standing order, or even the first £200 have to be?

cerees

Is it true that one of the HTB ISA's conditions is you will be unable to rent/ let one of the rooms in the property??? So if you struggle in 20 years time and need extra income, this is not an option. So technically, the lender could repossess your home, despite there being way out of financial ruin? Seems harsh.... i can't help but worry this incentive will backfire for many people???

Advice??

Marblehead_2

Marblehead wrote: »

I will post the outcome of my purchase here to add to the anecdotes!

So, I closed my HTB ISA on Tues 1st March, my solicitor applied for the bonus on Wed 2nd and the money was paid by Friday 4th. Purchase completed today, Monday 7th.

So the information is all a bit hazy but the system seems to work smoothly behind the scenes! Good luck my fellow first time buyers.

jimjames

cerees wrote: »

Is it true that one of the HTB ISA's conditions is you will be unable to rent/ let one of the rooms in the property??? So if you struggle in 20 years time and need extra income, this is not an option. So technically, the lender could repossess your home, despite there being way out of financial ruin? Seems harsh.... i can't help but worry this incentive will backfire for many people???

Advice??

Can you provide a link to the terms and conditions that say that? Or it is something that someone, somewhere down the pub told you?