Help to Buy ISA guide

bobjob7

Does anyone know if couples opening a help to buy each need to go with the same bank?

Archi_Bald

You don't have to use the same bank as your partner.

7seas

I am not sure if this is the best place, but does anyone know if a non-EU immigrants can also claim for the HtB ISA / Lifetime ISA bonus when buying first home?

I am a non-EU immigrants and have been in the UK for about the couple of years and will have been here at least for about 5 years by the time I can buy home. I am working full-time so am contributing tax and national insurance, but my resident permit says i have no access to 'public funds'.

I know I cannot claim for housing benefits / child benefits etc because of that condition, but would the ISA bonus be included in the 'public fund' that I cannot have access?

Any chance of help please?
Thank you!

colsten

The Help To Buy ISA rules are documented on https://www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/

You should ask HMRC / the Scheme Administrator if your questions aren 't answered on that website.

Squeakypuppet

Hi there, I am new to this forum so please forgive me if I'm asking a question that has already been answered. My partner and I want to buy a new home together. Currently, he owns the property we live in. I don't but bought and sold a property over 10 years ago and have not had a mortgage in my name since. Am I still able to apply for a Help To Buy ISA or am I exempt because I owned a property in the past even though it was many years ago. If I can't apply, what is the next best product to put our savings into. Thank you in advance!

colsten

You are not eligible for an HTB ISA if you ever owned and interest in a property anywhere in the world.

Best interest accounts: https://forums.moneysavingexpert.com/discussion/5374614

andrewthomas2008

Hi Everyone.

I understand that you can't contribute to more than one ISA in the same tax year, unless the provider allows for split allowances.
I've currently got 2 cash isas from previous tax years with Nationwide and another provider and I opened a help to buy ISA in December 2015 with Nationwide so I was able to contribute to both my help to buy ISA and cash ISA with Nationwide in the tax year of 2015/2016.

I've recently transferred my help to buy ISA to Santander for the higher interest rate, but now I'm in a dilemma of what to do because from today onwards once I make a contribution to my help to buy ISA, I can't contribute anything to the other cash ISAs I have.

Also I plan to open a life time ISA from April 2017 and transfer the balance from my help to buy ISA into it, so does this mean once I start contributing to the life time ISA I will not be allowed to contribute anything to the 2 cash isas I have from previous tax years?

Would that also mean the best thing I could do with the isas from previous tax years is to transfer them to providers with the best interest rates who allow transfers in?

I was also wondering why all the bank and building societies don't all just allow split contributions, because otherwise aren't these rules making cash isas redundant if you intend to use the help to buy or life time isas?

Also I've had an idea to try use both a help to buy ISA and lifetime isa, using one to purchase a house and one to save for my pension, does anyone know of a way I can contribute the maximum allowances to both isas in the same tax year or will I just have to choose one or the other?

Thank you in advance for any responses provided!

eskbanker

andrewthomas2008 wrote: »

Also I've had an idea to try use both a help to buy ISA and lifetime isa, using one to purchase a house and one to save for my pension, does anyone know of a way I can contribute the maximum allowances to both isas in the same tax year or will I just have to choose one or the other?

Without knowing how old you are, long-term accumulation is likely to be better accomplished via investment rather than saving in cash form, so consider stocks and shares ISAs, to which you can contribute in parallel alongside cash products.

Also, as with the usual recommendation on here, consider saving cash outside the ISA wrapper, given poor cash ISA rates and the new personal savings allowance that's been in effect for eight and a half hours now! See the link colsten posted in the previous post, plus http://www.moneysavingexpert.com/savings/which-saving-account

andrewthomas2008

eskbanker wrote: »

Without knowing how old you are, long-term accumulation is likely to be better accomplished via investment rather than saving in cash form, so consider stocks and shares ISAs, to which you can contribute in parallel alongside cash products.

Also, as with the usual recommendation on here, consider saving cash outside the ISA wrapper, given poor cash ISA rates and the new personal savings allowance that's been in effect for eight and a half hours now! See the link colsten posted in the previous post, plus http://www.moneysavingexpert.com/savings/which-saving-account

I'm 35, I actually got stung the last time I invested in stocks and shares isa as the crash of 2008 occurred, so I'm entirely unsure as to what stocks and shares I should pick.

Is it worth opening a life time ISA at this age? I wanted to contribute to both the help to buy ISA and the life time ISA, so I could use one to purchase a home and for retirement

I've already been using high paying current accounts with Nationwide, Lloyd's and Santander, along with regular savers for the past few years now.

CMACVEAN

My boyfriend and I have recently paid our reservation deposit on an off-plan flat. We will be exchanging in 2-3 weeks time and completing hopefully in June (practical completion is due to take place in June).


We each have a Help to Buy ISA (£2,000 in each one currently). I understand the ISA monies cannot be used to pay towards our deposit on exchange but rather only at completion. Should we be applying to close the ISAs now and get the closing letter to our solicitor, or can we wait for a little longer (I don't know how long these things take and cannot find the answer online!).


Many thanks in advance for any advice.