Virgin Help To Buy ISA Question

Jerry_Cornelius

Hi, so I have a Virgin Money Help To Busy ISA and wanted to ask a question. Basically, i've been paying into it for a number of years (the maximum £200 per month) and am well past the maximum amount (£12000) that the Government will give 25% on when you complete a house sale (I'm £16000+ now). I hope to buy my first home in a number of months, but I was wondering in the mean time if I can transfer a portion of the savings into a different savings account I've just opened, which has a much higher rate of interest (I stopped paying into the ISA last month and am now paying it into the savings account), and leave the £12000 in the ISA. Will this jeopardise the use of the ISA in the home buying process and negate the government bonus if i take money out?

eskbanker

Jerry_Cornelius said:

Hi, so I have a Virgin Money Help To Busy ISA and wanted to ask a question. Basically, i've been paying into it for a number of years (the maximum £200 per month) and am well past the maximum amount (£12000) that the Government will give 25% on when you complete a house sale (I'm £16000+ now). I hope to buy my first home in a number of months, but I was wondering in the mean time if I can transfer a portion of the savings into a different savings account I've just opened, which has a much higher rate of interest (I stopped paying into the ISA last month and am now paying it into the savings account), and leave the £12000 in the ISA. Will this jeopardise the use of the ISA in the home buying process and negate the government bonus if i take money out?

Yes you can and no it won't....

Jerry_Cornelius

Thanks muchly, I did originally look online but couldnt seem to find a definitive answer - cheers!

Bigwheels1111

My first port of call waould have been Virgin.

They are very helpful on the phone, Helped me open a new isa within the 14 cooling off period.

To get 5.5% insted of the 5.2% from 13 days ago.