Help to Buy ISA guide

eskbanker

notanothercracker wrote: »

hello there!

We previously owned a house outside the UK and have cash waiting on getting a credit rating *waves fist* so that I can get a mortgage. Can I get a HTB ISA so that I can get a better interest rate and just not ask the government for the money at the end of it? One bank says yes, one says no. Any ideas?

The HTB ISA account opening process (with the leading provider at least) involves declaring that you're a first-time buyer so you can only do this if you're prepared to lie and face the consequences if found out.

There are many other places to earn 3-6% that wouldn't involve telling porkies, see http://www.moneysavingexpert.com/savings/which-saving-account for details.

westcliffboi

Hi,


I started saving back into an existing ISA in November 2015 with HSBC as they were doing a 'save together' offer where I put in £25 a month and they pay £10, for 12 months. My question is if I continue to do this can I open a help-to-buy ISA on April the 5th and have both? Or do I need to stop paying into the existing ISA and/or close it?


Thank you.

badger09

westcliffboi wrote: »

Hi,


I started saving back into an existing ISA in November 2015 with HSBC as they were doing a 'save together' offer where I put in £25 a month and they pay £10, for 12 months. My question is if I continue to do this can I open a help-to-buy ISA on April the 5th and have both? Or do I need to stop paying into the existing ISA and/or close it?


Thank you.

You can open a HTB ISA on 6th April (not 5th), and start paying into that, but you cannot also continue to pay into your HSBC ISA.

How much will be in your HSBC ISA on April 5th?

silvercar

Can a relative make the monthly payments to a HTB ISA?

jimjames

westcliffboi wrote: »

Hi,


I started saving back into an existing ISA in November 2015 with HSBC as they were doing a 'save together' offer where I put in £25 a month and they pay £10, for 12 months. My question is if I continue to do this can I open a help-to-buy ISA on April the 5th and have both? Or do I need to stop paying into the existing ISA and/or close it?


Thank you.

Don't close it or you'll lose the £10 per month but you can't have both paid into at the same time. Pay in £300 to HSBC and take it out and you can then leave it there collecting the £10. Then open the HTB ISA as of April 2016 so you start in next tax year

colsten

silvercar wrote: »

Can a relative make the monthly payments to a HTB ISA?

Yes they can. It might be easier if they make the payment into a current account held by the HTB ISA holder, and the latter then making the deposits into the actual ISA but there shouldn't be any clause in the T&Cs that prohibits the donor to deposit straight into the HTB ISA.

kernow60

My partner is 60, has never owned a property and at the moment has no intention of doing so. Can he open a HTB ISA purely to earn the higher interest? I realise that he will not be entitled to the bonus.

JAGLJZ

Hi, I am planning on building a home in the near future. My query is if i am eligible for the HTB ISA scheme?

Regards

Janey60

Hi, I am new to this forum and wondered if anyone could please tell me if ex bankrupts are able to get the government bonus with the help to buy ISA. Or can ex bankrupts take part in any of the government help to buy schemes?
Thank you for any help given

masonic

kernow60 wrote: »

My partner is 60, has never owned a property and at the moment has no intention of doing so. Can he open a HTB ISA purely to earn the higher interest? I realise that he will not be entitled to the bonus.

Yes.

JAGLJZ wrote: »

Hi, I am planning on building a home in the near future. My query is if i am eligible for the HTB ISA scheme?

You would need to buy using a mortgage, which could be difficult unless you can find a bank that would lend you money secured on a building plot or something. I don't think banks currently tend to touch this sort of development finance.

Janey60 wrote: »

Hi, I am new to this forum and wondered if anyone could please tell me if ex bankrupts are able to get the government bonus with the help to buy ISA. Or can ex bankrupts take part in any of the government help to buy schemes?
Thank you for any help given

Your biggest challenge will be getting a mortgage. If you can do that then you should be ok.