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Closing Help to buy ISA
Jrhodes92
Posts: 4 Newbie
Hi All,
Myself and my partner are in the final stages of a property purchase and something dawned on me last night that would be great to get some advice an clarification on.
I have a help to buy ISA set up with Santander that has been growing over the past few years, however, the price of the property is higher than the threshold in order to claim the government bonus. i thought i should just be able to close this and have the money transferred to my other account to form part of my deposit, is this correct or does it all still have to go through my solicitor?
Any help would be appreciated.
Thanks in advance!
Myself and my partner are in the final stages of a property purchase and something dawned on me last night that would be great to get some advice an clarification on.
I have a help to buy ISA set up with Santander that has been growing over the past few years, however, the price of the property is higher than the threshold in order to claim the government bonus. i thought i should just be able to close this and have the money transferred to my other account to form part of my deposit, is this correct or does it all still have to go through my solicitor?
Any help would be appreciated.
Thanks in advance!
0
Comments
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If you're not claiming the bonus you can just close it normally or withdraw the cash.0
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Thanks D.L, is this speaking from experience or something that’s quite common?0
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Thanks both
0 -
You can just tranfer it and close it. I know this because I DID want to claim my bonus and the bamk messed up my request and transferres all my funds no problem. Its essentially just a normal bank transfer. You only need the closing statement if claiming the bonus.0
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Thanks Yalpsmol, Doesn't surprise me that the bank managed to mess it up for you! Feels like the whole ISA has been a waste of time to be honest, the house price caps are ridiculous!0
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I literally just transferred the cash to a separate account and closed it once I stopped accruing historical interest in it.
You don't need to do anything exceptional - treat it like a normal savings account 0
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