Help to Buy ISA guide

eskbanker

The HTB ISA, including bonus, is redeemable at completion, not exchange, so goes towards whatever funds you need at that stage only.

rebeccaabbott93

badger09 wrote: »

How much is in your existing cash ISA?

It's got just over £5000 in it.

langrobbie

Looks like some people here are having trouble with their solicitors joining the scheme. I had the exact same issue. Solicitor said they can't process my bonus as they are not registered with kender exchange. I had to speak to the scheme administrators, other solicitors and a senior partner at my solicitors to get things right. Basically there is no reason why your solicitor cannot obtain your bonus for you, if they are not registered with lender exchange the scheme can 'manually assure' the firm in parallel to processing the bonus. To manually assure the firm the scheme operators will need a lot of administrative information about the firm, and it can take longer (up to 15 days according to their guidance) but it really depends on how quickly your solicitor can send in the required info. The scheme is new and there seems to be some confusion/unwillingness on behalf of solicitors but it is very straightforward. My bonus is now sorted, £800 that I didn't give up on. If your solicitor tells you that another solicitor will do it, that's very unlikely, in isolation from the rest of the transaction no one will take on a bonus request when the max fee is £50, plus it would just be very complex if not impossible when the new solicitor is not involved in other bits of completion activities. My advice to anyone is to not take no for an answer, speak to your solicitor, ask to speak to their senior partners, spoon feed them the process, speak to the scheme administrators, get your solicitor to speak to the scheme administrators, and make it happen!! Good luck.

badger09

rebeccaabbott93 wrote: »

It's got just over £5000 in it.

If you haven't already done it - cancel your monthly Standing Order for £100 pm to your existing cash ISA immediately.

Open a HTB ISA (with Halifax if you wish) but don't pay anything into it yet!

Ask Halifax to transfer £1000 from your existing cash ISA into the new HTB ISA.
You might be able to do all this online. I don't have a Halifax ISA so can't say.

Once the transfer of £1000 appears online in your new HTB ISA, move £200 from the existing cash ISA, via your current account, into the HTB ISA.

I don't think you've said where your current account is?

I suggest you open a Nationwide FlexDirect and a TSB Classic Plus account. You must read & understand the T&Cs before you do;)

Once open, close your old cash ISA and pay £2000 into TSB and the rest into Nationwide.

Set up a monthly SO of £200 into your HTB ISA.

Come back if you have any further questions

colsten

badger09 wrote: »

Ask Halifax to transfer £1000 from your existing cash ISA into the new HTB ISA.

I wouldn't faff about with an ISA transfer. Instead, I would just close the old ISA and start the HTB ISA.

rebeccaabbott93

badger09 wrote: »

If you haven't already done it - cancel your monthly Standing Order for £100 pm to your existing cash ISA immediately.

Did that as soon as I realised the standing order was still being used.

badger09 wrote: »

I don't think you've said where your current account is?

My current account is with Halifax, as is my ISA.

colsten wrote: »

I wouldn't faff about with an ISA transfer. Instead, I would just close the old ISA and start the HTB ISA.

Will go to the bank next week and set it up.

badger09 wrote: »

Come back if you have any further questions

Thanks, will do and I'll let you know how I get on

silverless

I inherited some land a few years ago, which I have since sold. I have never owned a house. Can I open a Help to buy ISA? Even if I cant get the bonus when buying a house, the rates are still good, so id like to save in one.....

eskbanker

silverless wrote: »

I inherited some land a few years ago, which I have since sold. I have never owned a house. Can I open a Help to buy ISA? Even if I cant get the bonus when buying a house, the rates are still good, so id like to save in one.....

Provided that the land didn't

comprises a building that is used or suitable for use as a dwelling, or is in the process of being constructed or adapted for such use

(as per the scheme rules) then you'll be OK.

badger09

colsten wrote: »

I wouldn't faff about with an ISA transfer. Instead, I would just close the old ISA and start the HTB ISA.

Even though OP has already subscribed to her cash ISA this year?

badger09

rebeccaabbott93 wrote: »

Did that as soon as I realised the standing order was still being used.

Good

My current account is with Halifax, as is my ISA.

OK so you need to look at high interest current accounts, such as Nationwide & TSB in addition to your Halifax current account, for the rest of your savings. Hope its the Reward account;)

Will go to the bank next week and set it up.

As I said earlier, it might be possible to do it online

Thanks, will do and I'll let you know how I get on

Great.

Good luck.