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Help to buy ISA - buying house over £250k
littlemiss19
Posts: 80 Forumite
Hi everyone,
My husband is a first-time buyer and eligible for a Help to Buy ISA so we opened one last year prior to the closing date. We are now in the process of buying a home and the purchase price is over the £250k max price for outside London.
So, what do we do? I guess we cannot claim the additional government funds? Do we need to close the account once we have purchased the property?
Thanks,
Littlemiss
My husband is a first-time buyer and eligible for a Help to Buy ISA so we opened one last year prior to the closing date. We are now in the process of buying a home and the purchase price is over the £250k max price for outside London.
So, what do we do? I guess we cannot claim the additional government funds? Do we need to close the account once we have purchased the property?
Thanks,
Littlemiss
0
Comments
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Correct, you cannot claim the bonus. You can keep the savings in the account if you're getting a better interest rate from it compared to other saving accounts - or your current account. Myself and my partner had the same with our purchase, both with a HTB ISA. We closed the account and transferred the savings to our current accounts, as we need it for our deposit. Santander allowed me to close & transfer my savings over the phone, but for my partner's Halifax account they had to go into branch. The latter didn't make sense to my, specially wit COVID...0
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Interesting, I just moved mine out of my Halifax HTB and into one of my other Halifax accounts. Perhaps because I didn't close it though, just moved money out which meant I just did it online. I haven't closed it though, as far as I understand HTB ISAs are just in effect instant access ISAs, albeit ones you can only drip feed into £200 at a time. So I don't see any reason why you couldn't keep saving into it for the interest rate, unless anyone corrects me on that.BigD74 said:Correct, you cannot claim the bonus. You can keep the savings in the account if you're getting a better interest rate from it compared to other saving accounts - or your current account. Myself and my partner had the same with our purchase, both with a HTB ISA. We closed the account and transferred the savings to our current accounts, as we need it for our deposit. Santander allowed me to close & transfer my savings over the phone, but for my partner's Halifax account they had to go into branch. The latter didn't make sense to my, specially wit COVID...0
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