Help to buy ISA

phoebe.cleveland

Hello, I currently have a help to buy ISA with Halifax, but have actually just bought a house without using it. I still want a high interest savings/ISA account and was wondering if it would be best to keep the money in this help to buy and build the interest on it even though I will not be using it for a house after. And also would Halifax charge me if I was to withdraw all of my savings without using it on a house, and lastly would I still keep all of the interest I gained? Can anyone help me please
Thanks

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

so theoretically you should close it down now that you're no longer a first-time buyer, and certainly shouldn't make any misleading declarations if/when Halifax contact you to validate that you're still eligible.

Halifax won't charge you to do close the account and will pay all interest accrued up to the closure date but obviously won't pay any 25% bonus.

PeacefulWaters

Why didn't you use it?

Rich2808

PeacefulWaters wrote: »

Why didn't you use it?

Possibly because in large parts of south east England and London its not easy to buy a house within the £250k/£450k limits.