NatWest Help to Buy ISA Closure

Ktizzle

Hi guys,

Has anybody been through the process of closing their Help to Buy ISA with NatWest? They have messed me about with mine - didn't know the correct process. This meant 2 x trips to the branch and a couple of phone calls.

I've been told it could take 10 days from one staff member & another said 2 working days...

From experience - which is it? We are completing on the 28th November and conscious they don't get it done in time. They printed off some sort of form that I signed to say that I was happy to close it and they send it off to the processing team. The money is still in the ISA and has not been moved.


Thank you

G_M

I believe anecdotally that some banks have only released the money on (after) Compleion on the grounds that until then you have not bought a property so are not entitled to the bonus.

Might be wrong though.

jodiepoke

i had the same problem with HSBC, no one knew what was going on. It took a phone call and two trips into branch.

The solicitors need the closing statement, the bank needs to close the account and transfer the money to a different one. I would do it now, get it done because you're only going to get a few pennies of interest and stress if you keep it open until the last minute.

CouponClipper

Had similar problems with my girlfriend at Santander - although didn't help the women behind the counter didn't have a clue what she was going!

They sent us the closure statement a week after she closed the account. Halifax on the other hand closed it down there and then and gave me the closure statement.

We then sent the statements to the solicitor who requested and got the bonus and we haven't completed or exchanged yet.

weejangus

Had a Similar issue with Clydesdale - the branches weren't trained well enough to know how to deal with the request. I explained to the advisor what "should" happen, he checked with head office and then did exactly what I asked him too!

The bank should review the account history and ensure that it has been maintained according to the rules - i.e. max of £200 deposited per month (with the exception of December 2015 where you could open the account with £1000 if I remember correctly).

The bank should then close the Help to Buy Cash ISA and transfer all funds including interest into another account of your choosing - I chose my Current Account.

The bank should then provide you with a letter on their headed paper confirming the account number, sort code, and balance upon closing. The letter should also state that the Help to Buy ISA was maintained correctly.

You then take the letter to your solicitor and they will request the additional 25% from the government - my solicitor asked for 10 working days to ensure the funds arrived on time (in reality, they arrived within a week).

You may need to be firm with your bank but there is no reason Natwest cannot do this for you while you wait in the branch. Max 30 minutes.

mattk_180

Considering what a big scheme this is (I imagine), a lot of the parties involved (banks, solicitors) don't really know anything about it which is worrying.


I'm quite thankful that everything went through smoothly with Halifax. Once we were nearing exchange I asked to close it and they did with no fuss and gave me a statement. Passed this onto the solicitor, they submitted the relevant bonus request once we had exchanged and they had the funds by completion.


GM - The amount that we saved was transferred straight back to our bank. It's only the bonus you have to physically submit a claim for. As I said, the solicitor claimed us for us but I assume it's at that time you have to prove you are buying a house for the bonus and hence why it was done after exchange.