Help To Buy ISA

Robocop35

Hi,

I opened one of these accounts with Barclays in 2019 and have been saving into it ever since.

From next month, I have saved the maximum of £12,000 into it.  I am only getting just over 1.5% interest rate on the account.

From what I understand I can only use it towards a maximum purchase price of £250,000 which has never gone up, and that's not going to happen as live on the South Coast.

Is there any point in me keeping the account open as I am unlikely to be in a position anytime soon of being able to buy a property unless I move up north which I think would be the best option to take.

Any opinions would be appreciated,

Many thanks

James

eskbanker

Migrating to a Lifetime ISA might be worth considering if you're under 40 and won't be buying for at least a year - LISA has a property value cap of £450K across the country.

It's restricted to £4K of contributions per tax year, even when transferring from other (non-Lifetime) ISAs, but you could still get £12K into it by April 2025 if you start this month.

Robocop35

Hi,

Thanks for your message.  I am 50, so I don't qualify for that product, hence why I did the other one.