H2b isa

Topham

Can I take out a H2B ISA for my son? I watched the programme last night and saw Martin give a lady £1 to open an ISA for her grandson, but I thought you had to be a first time buyer to be able to open one? He has a LISA but we'd like to do something to help him too and the H2B ISA has a better interest rate.

eskbanker

You do have to be a first time buyer to open one, or at least you have to be 16 or over, without having owned a stake in a property before.

You can't open one for your son but he can open one himself if he's quick and satisfies the above criteria.

If he already has a LISA, he wouldn't be able to benefit from the 25% government bonus from both that and a HTB ISA when buying his first property, it's one or the other....

grumiofoundation

Topham wrote: »

Can I take out a H2B ISA for my son? I watched the programme last night and saw Martin give a lady £1 to open an ISA for her grandson, but I thought you had to be a first time buyer to be able to open one? He has a LISA but we'd like to do something to help him too and the H2B ISA has a better interest rate.

They would need to open it themselves in their name, you cannot open on behalf of someone else.

It is fine to have both LISA and HTB ISAs open and to contribute to both but can only use the government bonus from one of them when buying a house. So if already have lifetime ISA and will use those funds for house purchase they would only be able to use help to buy isa as a savings account.