Help to Buy ISA guide

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Comments

  • pkbelle
    pkbelle Posts: 1 Newbie
    I have £6k in a cash ISA which I have not contributed to in the current tax year. Am I able to transfer the £1200 from this to a HTB-ISA?
  • mikheh
    mikheh Posts: 3 Newbie
    Hi, really struggling to find so clarity on this. Hopefully someone many be able to shed some light or may have been in the same situation.


    Starting saving for a mortgage with my girlfriend. I will be a first time buyer but she has bought before in a previous relationship. We currently privately rent.


    My question is, will I be able to save into a Help-To-Buy ISA and still claim the bonus when we finally buy even though it'll be a joint mortgage?


    I hope all that makes sense.


    Thanks in advance for you help.


    Mike
  • jimjames
    jimjames Posts: 17,596 Forumite
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    sam348s wrote: »
    Some advise please. I am currently paying off debts, approx. 800£ per month to clear asap so we can buy a house in July when our current living situation ends. However, as my focus has been debts, I have no savings for deposit. For 5% on a house in our area, we are looking at needing 6k deposit. Would it be better to pay less on debts (All credits cards currently 0% interest for at least a year) and then join this scheme so we have the deposit and move out with a few grand left as debts?
    If your debts are on 0% and you can make more on that money then there is no point paying them off as long as you keep up the minimum payments. Credit cards shouldn't be a problem for mortgage as long as they are under control and affordable according to the lending criteria. If you have defaults then that's a different matter.
    £6k deposit won't be build up by July using the HTB scheme though so carefully check which other accounts to use - cash ISAs are not the best option.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • edsturge
    edsturge Posts: 5 Forumite
    Just wondered if someone could clarify.

    If I save £200pm into a HTB ISA over the next 12 months, am I right in thinking I won't be able to open a new cash ISA in April 2016 (as I am still contributing to the HTB ISA)?

    Might be a basic question, but just wanted to clarify.

    Thanks
  • jimjames
    jimjames Posts: 17,596 Forumite
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    edsturge wrote: »
    Just wondered if someone could clarify.

    If I save £200pm into a HTB ISA over the next 12 months, am I right in thinking I won't be able to open a new cash ISA in April 2016 (as I am still contributing to the HTB ISA)?

    Might be a basic question, but just wanted to clarify.

    Thanks
    Can you explain why you'd want to open a cash ISA as well as HTB ISA?
    Remember the saying: if it looks too good to be true it almost certainly is.
  • giraffe5
    giraffe5 Posts: 6 Forumite
    my son has a cash isa that he transferred his previous years £ into this year but he has NOT paid any money in this year ie not used allowance
    q can he open a help to buy isa now aswell and what can he pay in ?
    q in future can he use help to buy isa to buy his first house to live in he for eg he buys a buy to let property bewteen now and then ? tx
  • edsturge
    edsturge Posts: 5 Forumite
    jimjames wrote: »
    Can you explain why you'd want to open a cash ISA as well as HTB ISA?
    Just as another place to put savings. It's not essential to have one, but I'm already maxing out a regular savings account and the limit in my current account (nationwide flexdirect), but not enough to make another current account worth it. It would only be £150pm to put in, simply to earn a bit of interest.

    Like i said, not essential, but wondered the rules anyway.
  • jimjames
    jimjames Posts: 17,596 Forumite
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    edsturge wrote: »
    Just as another place to put savings. It's not essential to have one, but I'm already maxing out a regular savings account and the limit in my current account (nationwide flexdirect), but not enough to make another current account worth it. It would only be £150pm to put in, simply to earn a bit of interest.
    .
    You could get 5% on that money with TSB. How would that compare to a cash ISA? Or new Nationwide regular saver at 5%.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • edsturge
    edsturge Posts: 5 Forumite
    jimjames wrote: »
    You could get 5% on that money with TSB. How would that compare to a cash ISA? Or new Nationwide regular saver at 5%.
    I've already got the Nationwide reg saver, and I'm considering the TSB current acc.

    Either way, I just wanted to check the rules!
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    First Anniversary Combo Breaker
    edited 2 December 2015 at 2:43PM
    Could someone please tell me if I would be eligible for the Government bonus in a HTB ISA as a first time buyer jointly purchasing a house in London which is priced over the £450K limit with a partner who is non-eligible (my half of purchase would be below this amount)?
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