Help to Buy ISA guide

pkbelle

I have £6k in a cash ISA which I have not contributed to in the current tax year. Am I able to transfer the £1200 from this to a HTB-ISA?

mikheh

Hi, really struggling to find so clarity on this. Hopefully someone many be able to shed some light or may have been in the same situation.


Starting saving for a mortgage with my girlfriend. I will be a first time buyer but she has bought before in a previous relationship. We currently privately rent.


My question is, will I be able to save into a Help-To-Buy ISA and still claim the bonus when we finally buy even though it'll be a joint mortgage?


I hope all that makes sense.


Thanks in advance for you help.


Mike

jimjames

sam348s wrote: »

Some advise please. I am currently paying off debts, approx. 800£ per month to clear asap so we can buy a house in July when our current living situation ends. However, as my focus has been debts, I have no savings for deposit. For 5% on a house in our area, we are looking at needing 6k deposit. Would it be better to pay less on debts (All credits cards currently 0% interest for at least a year) and then join this scheme so we have the deposit and move out with a few grand left as debts?

If your debts are on 0% and you can make more on that money then there is no point paying them off as long as you keep up the minimum payments. Credit cards shouldn't be a problem for mortgage as long as they are under control and affordable according to the lending criteria. If you have defaults then that's a different matter.
£6k deposit won't be build up by July using the HTB scheme though so carefully check which other accounts to use - cash ISAs are not the best option.

edsturge

Just wondered if someone could clarify.

If I save £200pm into a HTB ISA over the next 12 months, am I right in thinking I won't be able to open a new cash ISA in April 2016 (as I am still contributing to the HTB ISA)?

Might be a basic question, but just wanted to clarify.

Thanks

jimjames

edsturge wrote: »

Just wondered if someone could clarify.

If I save £200pm into a HTB ISA over the next 12 months, am I right in thinking I won't be able to open a new cash ISA in April 2016 (as I am still contributing to the HTB ISA)?

Might be a basic question, but just wanted to clarify.

Thanks

Can you explain why you'd want to open a cash ISA as well as HTB ISA?

giraffe5

my son has a cash isa that he transferred his previous years £ into this year but he has NOT paid any money in this year ie not used allowance
q can he open a help to buy isa now aswell and what can he pay in ?
q in future can he use help to buy isa to buy his first house to live in he for eg he buys a buy to let property bewteen now and then ? tx

edsturge

jimjames wrote: »

Can you explain why you'd want to open a cash ISA as well as HTB ISA?

Just as another place to put savings. It's not essential to have one, but I'm already maxing out a regular savings account and the limit in my current account (nationwide flexdirect), but not enough to make another current account worth it. It would only be £150pm to put in, simply to earn a bit of interest.

Like i said, not essential, but wondered the rules anyway.

jimjames

edsturge wrote: »

Just as another place to put savings. It's not essential to have one, but I'm already maxing out a regular savings account and the limit in my current account (nationwide flexdirect), but not enough to make another current account worth it. It would only be £150pm to put in, simply to earn a bit of interest.
.

You could get 5% on that money with TSB. How would that compare to a cash ISA? Or new Nationwide regular saver at 5%.

edsturge

jimjames wrote: »

You could get 5% on that money with TSB. How would that compare to a cash ISA? Or new Nationwide regular saver at 5%.

I've already got the Nationwide reg saver, and I'm considering the TSB current acc.

Either way, I just wanted to check the rules!

[Deleted User]

Could someone please tell me if I would be eligible for the Government bonus in a HTB ISA as a first time buyer jointly purchasing a house in London which is priced over the £450K limit with a partner who is non-eligible (my half of purchase would be below this amount)?