Help to Buy ISA Closing Required?

JMCC88

Hi everyone,

I opened my HTB ISA before buying, but then ended up buying a place for a price that was in excess of the HTB ISA bonus limits. So this has given rise to a few questions:

1. Is it necessary to close it when you buy a house?
2. Can you continue to deposit money into the HTB ISA account? (the interest rate is still better than anything else around)

I haven't seen anything saying that I must close my HTB ISA when I buy a home, or that the eligibility requirements for opening the account are also the requirements for depositing or keeping open such an account.

Thanks a lot everyone!

eskbanker

Under 8.11 (B) of the scheme rules, HTB ISA holders must

take steps to correct any statement, form, declaration, confirmation or any information provided by them under or in connection with the Scheme Rules, which is untruthful, incorrect or misleading in any material respect.

and under 6.3, ISA managers must send annual reminders that

each Help to Buy: ISA Holder must continue to satisfy those [eligible first-time buyer] criteria in order to participate in the Help to Buy: ISA Scheme

but these statements and others do seem to leave room for interpretation!

JMCC88

Hmmmm given those statements I think on balance it is close enough for me to say that I should stop using the scheme!

Thanks for the quick response.

JMCC88

I take it I can transfer it directly into any other ISA, and this will just behave like a normal ISA transfer?