Help to Buy ISA - Terms have changed?

DaveMapp

Hi All,

Myself and my wife both started a Help to Buy ISA shortly after they were introduced. We both paid in what was at the time the maximum starting balance of £1000. Neither of us managed to put any more into the account but have recently inherited enough for a deposit and have had an offer accepted.

I have just looked up how to go about claiming the bonus through the solicitor and have found out that you have to have a minimum of £1600 in the ISA in order to be eligible for the bonus and- that the maximum initial deposit is £1,200.

I thought that I had looked into this pretty in depth when we started the ISA's and for the life of me cannot remember any mention of having a minimum £1,600 in the account in order to qualify for the bonus. Also unless i'm going mad the maximum deposit was £1,000!!!

Does anyone know if they have changed the terms and conditions and if so, do those that started up under the old terms have any recourse?

Bit miffed really as we had budgeted assuming we were eligible for the bonus!

Any help most appreciated!

Cheers

Dave

Bluebirdman_of_Alcathays

Pretty sure they've always been the terms. Top it up with 200 a month it's unlikely you'll complete in 2 months.

FitzWilliams

I opened my account Dec 2015 and it has always been £1600 in the account before the bonus pay out.

Tyrone_Black

Maybe put the £200 a month in now anyway in case your move gets delayed? But yeah, those were always the rules.

mije1983

DaveMapp wrote: »

Hi All,

Myself and my wife both started a Help to Buy ISA shortly after they were introduced. We both paid in what was at the time the maximum starting balance of £1000. Neither of us managed to put any more into the account but have recently inherited enough for a deposit and have had an offer accepted.

I have just looked up how to go about claiming the bonus through the solicitor and have found out that you have to have a minimum of £1600 in the ISA in order to be eligible for the bonus and- that the maximum initial deposit is £1,200.

I thought that I had looked into this pretty in depth when we started the ISA's and for the life of me cannot remember any mention of having a minimum £1,600 in the account in order to qualify for the bonus. Also unless i'm going mad the maximum deposit was £1,000!!!

Does anyone know if they have changed the terms and conditions and if so, do those that started up under the old terms have any recourse?

Bit miffed really as we had budgeted assuming we were eligible for the bonus!

Any help most appreciated!

Cheers

Dave

Nope, nothing has changed.

You are correct that £1000 is the maximum initial deposit. However, as you can pay in £200 a month this makes the first month's maximum total £1200.

Having said that, you say you haven't managed to put anything else in the ISA, so I presume you didn't have the extra £200 to put in originally anyway so don't beat yourself up about that.

It's also always been £1600 to qualify for the 25% deposit.

I'm assuming that unfortunately your in depth research didn't include this site

https://web.archive.org/web/20151204083011/http://www.moneysavingexpert.com/savings/help-to-buy-ISA


As others have said, get putting £200 of that inheritance in each of your ISAs each month. By the 1st December you will both have £1600 so can claim the bonus.

DaveMapp

Thanks all. Just dug the paperwork out and yes - my research was not quite as in depth as i thought it was.....

Oh well....