Halifax Help To Buy ISA - 4%

Ms_Chocaholic

Official MSE Insert:

You may also find our fully researched Help to buy ISA guide helpful.

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Saw ads for this on TV, does anyone know if I can open one of these if i'm not a FTB.

Archi_Bald

You will have to declare that you are a FTB. Why would you want to make a false declaration to get a 4% AER account that limits deposits to £200 a month if you can put £800 a month into 6% AER accounts, £5,000 straight into 5% accounts, and another £750 a month into 5% accounts?

bravotango

I think the answer is no.

Taken from Halifax website:

• To open a Help to Buy: ISA you must be 16 or over. You must be resident in the UK for tax purposes. Please note you must be 18 or over to be considered for a mortgage.

• You must be a first time buyer. This means you must not have owned in full, or a share of a house previously.

• You have not previously received a bonus payment under the Help to Buy: ISA scheme (unless it has been paid back in full).

• The value of the property you are purchasing must not exceed £250,000 outside London, £450,000 within London.

• You can apply for the Government's Help to Buy: ISA bonus when you close your account. An eligible conveyancer must claim on your behalf.

bravotango

It even states it on the official "Help To Buy ISA" website:

Who is eligible?

To qualify for a Help to Buy: ISA you must:

• be 16 or over

• have a valid National Insurance number

• be a UK resident

• be a first time buyer, and not own a property anywhere in the world

• not have another active cash ISA in the same tax year: If you have opened a cash ISA this tax year, you can open a Help to Buy: ISA but will have to take additional steps. See the FAQ for more detail.

To qualify for the government bonus, the property you are buying must:

• be in the UK

• cost up to £250,000, or up to £450,000 if you are buying in London

• not be a second home or a buy-to-let property

• not be rented out after you buy it

• be purchased with a mortgage

I can't post the official URL as I am a new user.

Thrugelmir

Ms_Chocaholic wrote: »

Saw ads for this on TV, does anyone know if I can open one of these if i'm not a FTB.

You could but you wouldn't benefit.

colsten

Thrugelmir wrote: »

You could but you wouldn't benefit.

And you would need to tell a lie during the application process.

NectarCollector

if you applied for one with a false declaration you definitely wouldn't get the 25% government bonus as a solicitor would need to apply for it, and you may find you forfeit any interest when the bank finds out.

Just put money into a 5% current account, and earn 4% AER interest after tax

PeacefulWaters

NectarCollector wrote: »

if you applied for one with a false declaration you definitely wouldn't get the 25% government bonus as a solicitor would need to apply for it, and you may find you forfeit any interest when the bank finds out.

Just put money into a 5% current account, and earn 4% AER interest after tax

4% would be the net rate, not the AER.