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  • FIRST POST
    • Former MSE Sam M
    • By Former MSE Sam M 1st Dec 15, 3:23 PM
    • 238Posts
    • 159Thanks
    Former MSE Sam M
    Help to Buy ISA guide
    • #1
    • 1st Dec 15, 3:23 PM
    Help to Buy ISA guide 1st Dec 15 at 3:23 PM

    Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
Page 5
    • butch612
    • By butch612 2nd Dec 15, 12:50 PM
    • 1 Posts
    • 0 Thanks
    butch612
    Joint Purchase
    If both my partner and I have help to buy ISAs and we choose to purchase a house together in the future, does this mean that we can both put our ISAs toward a house worth up to 250k or does this allow us to buy a property together worth up to 500k?
    • pkbelle
    • By pkbelle 2nd Dec 15, 12:51 PM
    • 1 Posts
    • 0 Thanks
    pkbelle
    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
    • By mikheh 2nd Dec 15, 12:53 PM
    • 3 Posts
    • 0 Thanks
    mikheh
    Help to buy ISA - previously on a mortgage
    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
    • By jimjames 2nd Dec 15, 12:55 PM
    • 13,286 Posts
    • 12,344 Thanks
    jimjames
    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?
    Originally posted by sam348s
    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
    • By edsturge 2nd Dec 15, 1:04 PM
    • 5 Posts
    • 0 Thanks
    edsturge
    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
    • By jimjames 2nd Dec 15, 1:06 PM
    • 13,286 Posts
    • 12,344 Thanks
    jimjames
    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
    Originally posted by edsturge
    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
    • By giraffe5 2nd Dec 15, 1:19 PM
    • 6 Posts
    • 0 Thanks
    giraffe5
    elp to buy isa 2 questions pls
    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
    • By edsturge 2nd Dec 15, 1:20 PM
    • 5 Posts
    • 0 Thanks
    edsturge
    Can you explain why you'd want to open a cash ISA as well as HTB ISA?
    Originally posted by jimjames
    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
    • By jimjames 2nd Dec 15, 1:23 PM
    • 13,286 Posts
    • 12,344 Thanks
    jimjames
    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.
    .
    Originally posted by edsturge
    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
    • By edsturge 2nd Dec 15, 1:28 PM
    • 5 Posts
    • 0 Thanks
    edsturge
    You could get 5% on that money with TSB. How would that compare to a cash ISA? Or new Nationwide regular saver at 5%.
    Originally posted by jimjames
    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!
    • Sparkling
    • By Sparkling 2nd Dec 15, 1:31 PM
    • 9 Posts
    • 0 Thanks
    Sparkling
    Joint Purchase/Mortgage One First Time Buyer/Purchase Limit
    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)?
    Last edited by Sparkling; 02-12-2015 at 1:43 PM. Reason: To enter title
    • paulc056
    • By paulc056 2nd Dec 15, 1:31 PM
    • 1 Posts
    • 0 Thanks
    paulc056
    Hello. Can I save 10K next year in a H2B ISA and still receive the 25%? Or only on the 2400?

    Thanks

    Paul
    • jimjames
    • By jimjames 2nd Dec 15, 1:33 PM
    • 13,286 Posts
    • 12,344 Thanks
    jimjames
    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)?
    Originally posted by Sparkling
    No, it's the same reply as your question originally
    http://forums.moneysavingexpert.com/showthread.php?t=5372067
    Remember the saying: if it looks too good to be true it almost certainly is.
    • jimjames
    • By jimjames 2nd Dec 15, 1:34 PM
    • 13,286 Posts
    • 12,344 Thanks
    jimjames
    Hello. Can I save 10K next year in a H2B ISA and still receive the 25%? Or only on the 2400?
    Originally posted by paulc056
    Nope. It's only on the limited money paid in per month. You can't put more in than the monthly amount.
    Remember the saying: if it looks too good to be true it almost certainly is.
    • Disco12
    • By Disco12 2nd Dec 15, 1:39 PM
    • 1 Posts
    • 0 Thanks
    Disco12
    Max House Price & H2B Interest
    Hi all,

    I have a couple of queries which I'd like ironed out.

    1) I live in Hertfordshire and the house prices here are rocketing, which makes getting a decent house under the 250k mark pretty hard. Does the 250k max house price apply for individuals or can you combine for up to 500k? e.g if my partner and I were buying individually we still have the 250k limit for separate houses, but if my partner and I buy a house together is there still the 250k limit?

    2) If we want to buy a house over the 250k limit, I assume we wouldn't get the bonus, but would we still receive the H2B interest rate?

    Thanks in advance!
    • sam348s
    • By sam348s 2nd Dec 15, 1:49 PM
    • 3 Posts
    • 1 Thanks
    sam348s
    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?
    Mike
    Originally posted by mikheh

    According to the HTB Guide yes, 'If you're a first-time buyer, buying with someone who's owned before, you CAN open one, they CAN'T'
    • mikheh
    • By mikheh 2nd Dec 15, 1:57 PM
    • 3 Posts
    • 0 Thanks
    mikheh
    According to the HTB Guide yes, 'If you're a first-time buyer, buying with someone who's owned before, you CAN open one, they CAN'T'
    Originally posted by sam348s

    Thanks sam348s. I understand that she can't open a HTB ISA.


    Would I be eligible for the 25% bonus when we buy on MY savings from MY HTB ISA because I am a first time buyer or would the fact that it's a joint mortgage with her mean I'm not eligible?


    Thanks
    Mike
    • aoc
    • By aoc 2nd Dec 15, 2:01 PM
    • 4 Posts
    • 0 Thanks
    aoc
    Depending on the amounts you may find it better to draw all the money out of the old cash ISA and keep it in a high interest current account & use it to fund the HTB ISA if you can't add 200 every month. A split ISA is still pointless for most people.
    Originally posted by jimjames
    I have more than 10k in an ISA from a previous year. Wouldn't I be taxed if it is in a high interest current account rather than the HTB Split ISA?

    Thanks
    • jimjames
    • By jimjames 2nd Dec 15, 2:08 PM
    • 13,286 Posts
    • 12,344 Thanks
    jimjames
    I have more than 10k in an ISA from a previous year. Wouldn't I be taxed if it is in a high interest current account rather than the HTB Split ISA?

    Thanks
    Originally posted by aoc
    You would. What's better though 5% taxed or 1% tax free?
    Remember the saying: if it looks too good to be true it almost certainly is.
    • aoc
    • By aoc 2nd Dec 15, 2:13 PM
    • 4 Posts
    • 0 Thanks
    aoc
    You would. What's better though 5% taxed or 1% tax free?
    Originally posted by jimjames
    Good point, thanks for your help!
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