Help to Buy ISA

josh1924

Hello everyone,

I have a couple of what are probably quite unusual questions regarding the Help to Buy (HTB) ISA. To make it easier I will just list them below. Some will be simple as they are more for clarification! Any help will be greatly appreciated!!

If I have purchased a house:

1. Can I open a Help to Buy ISA?

If I have never purchased a house:

1. Can I treat a Help to Buy ISA just like a cash ISA?
2. If I open a HTB ISA and then purchase a property to let. Can I continue to use the Help to Buy ISA as a cash ISA?

I hope this makes sense!!

Thanks

jimjames

1. No


1. Yes, with limit of £200 pm
2. No

Archi_Bald

You will not be eligible for the HTB ISA or the bonus if you are not a first time buyer. The property must be your main residence and you must have a mortgage for it.

The H2B ISA is great for first time buyers, not because of the interest it pays but because of the potential for a bonus. There are many other accounts that pay better interest than an H2B ISA, and which are also available to people who are not FTBs.

There's an entire website with lots more information about the H2B ISA: https://www.helptobuy.gov.uk/help-to-buy-isa/faq/

rossb123

Hi,

I have set up my Help to buy isa but I am wanting to save more than the £200 limit. Obviously I can continue to save the rest of the money in my own bank account but I would like to have somewhere to transfer it too so I am not tempted to spend it. Any suggestions? I currently bank with Halifax.

Thanks.

Archi_Bald

There are plenty of places, though none with Halifax: https://forums.moneysavingexpert.com/discussion/5374614