Cashing in Help to Buy ISA

rtho782

Has anyone done this?

Nationwide (who are both our H2B ISA provider and our mortgage provider) don't seem to have a clue on how we cash in the ISA.

I'm aware we need to give the solicitor some sort of closing balance notification, but no idea how to get this.

Some responses from nationwide's callcentre so far include:

"Close it via internet banking" (no such option)

"Just take the money out and leave it open" (this would not get us the bonus)

Right now I'm confused, have no idea what to do, and am terrified I will end up doing it wrong and losing £1000 bonus.

booksurr

when you have a bank account it always comes with a terms and conditions document you probably never read and binned?

however, google is your friend because these days there is always a softcopy knocking about somewhere, so did you try looking?

"closing help to buy isa nationwide"
http://www.nationwide.co.uk/support/support-articles/terms-and-conditions/help-to-buy-isa-terms-and-conditions
read 18-21

rtho782

Thanks, that's most of the way there. I don't want to transfer the money to a non-HTB ISA, so 19 is out, and 20 says I need to close it but doesn't say how.

I will wait till monday (as then we can put another £400 in them for £100 more bonus) and then try to close it over the phone, and hope the relevant documents are sent automatically.

TeaLeaf

Mine was with a different company, but to close it I had to tell them I wished to close the account and provide details of another bank account that the money could be paid into. This can be your bank account - preferably the one where the rest of the deposit is coming from so that you can transfer all the money in one go. In about 5 working days they will post you a letter confirming that the account has been closed and giving the final balance, and this letter is what you need to provide to the solicitor in order flor them to claim the bonus.

You may not be able to put money in and close the account on the same day, as mine needed 'the system' to update overnight for my payment in to officially clear.

rtho782

Thanks,

Can put the last £400 in them on Sunday, will give them a call monday/tuesday and see if they will close it over the phone, but I imagine they will insist on me going to branch....

over50smovers

agreed.
despite the advertising campaign financial advisors and solicitors don't know about the right of one person in a couple to have a help to buy and one (who has property) being excluded.

as far as i am told if one cannot then the other cannot either.

actually i have been disappointed the level of knowledge on every step of buying a house of the financial industry that now wants to see every bank statement and aspect of my life.

rtho782

Yes, nobody we have spoken to seems to have had a clue, at any stage of the process.

Kitten868

On closure you get a closure statement to show anyone involved the proceeds came from a help 2 buy isa. It comes in the post. Close it however you like - online in branch whatever.