Help to Buy ISA guide

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  • jimjames
    jimjames Posts: 17,619 Forumite
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    theonlytrueblonde wrote: »
    Hi All

    I can't seem to find the answer to this anywhere so hoping you can help. I moved house earlier in the year and to change my address on my old ISA I had to re-subscribe in this tax year. However, I have not paid anything into this ISA. As I have not paid any money, does that mean I should be ok to open a HTB ISA?

    Thanks!
    Yes it does. It's only paying money in that counts.


    You may also find it's worth putting your old ISA money into non ISA accounts to get a better interest rate.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • jimjames
    jimjames Posts: 17,619 Forumite
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    aoc wrote: »
    I am planning on geting a split ISA and will transfer across money from a previous year's Cash ISA. If I then struggle to save the £200 per month to fill the HTB ISA, can I use the other side of the split ISA to fund the HTB ISA to ensure I am putting the max in each month?
    Thanks.
    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.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Mickyjo
    Mickyjo Posts: 2 Newbie
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    Hi

    My wife and I have Nationwide Save to Buy account with a few thousand in it. Should I close this down and open up two Help to Buy ISAs?

    Thanks
  • jimjames
    jimjames Posts: 17,619 Forumite
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    Mickyjo wrote: »
    Hi

    My wife and I have Nationwide Save to Buy account with a few thousand in it. Should I close this down and open up two Help to Buy ISAs?

    Thanks
    Can you open both? HTB is definitely worth it for the free money
    Remember the saying: if it looks too good to be true it almost certainly is.
  • je55ica
    je55ica Posts: 1 Newbie
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    Seriously considering purchasing the house I live in though the right to buy scheme within the next couple of years after I have returned to work from maternity leave.

    Could a help to buy ISA be used with a right to buy mortgage to get the extra 25% towards the deposit ?

    I would be a first time buyer. I'm currently saving £50 each week to help build up my own deposit.
  • Mickyjo
    Mickyjo Posts: 2 Newbie
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    jimjames wrote: »
    Can you open both? HTB is definitely worth it for the free money

    I would need to close down the existing account remove the money for the HTB ISA and open another Save to Buy account.
  • curiosity101
    curiosity101 Posts: 113 Forumite
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    My partner is currently a home owner. We expect to buy a house together in the next couple of years. I understand that I can open one of these accounts but what are the actual implications when we go to buy?

    Can both of us be on the title deeds and both of us on the mortgage?
  • kittywales
    kittywales Posts: 4 Newbie
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    I opened a HTB ISA yesterday with the Halifax and deposited £100 believing I could top it up to £1000 in the first 21 days. They blocked me from depositing anymore and said only one deposit was allowed.

    The govt website F&Q's state that
    Q. 'Can I make multiple deposits into my Help to Buy: ISA during a single month?
    A. Yes. As long as your provider’s terms and conditions allow it, you can make multiple deposits of up to £1,200 in your first month, and up to £200 in following months.
    www help to buy gov uk

    I had checked the Halifax T&C's beforehand and they state
    'once your ISA is opened you have 21 days to pay in an initial deposit of up to £1,000'

    Had the Halifax page stated 'only one transaction allowed' I wouldn't have done it, but I assumed that It could be done in multiples.

    I have asked the Halifax if I can add more money or cancel in the 14 day cooling off period and open a new one elsewhere, but am very confused as no-one has answered fully yet, just telling me to ring different numbers which have lengthy queues. I haven't been able to find details on MSE F&Q's so would be most grateful if anyone can help please?

    Thanks
  • sam348s
    sam348s Posts: 3 Newbie
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    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?
    Not sure if you can get a mortgage with approx. 5k on credit card debts still....do you need to be debt free? I have all on 0% and the term will be longer then it will take to clear, we have the wages to cover payments on the cards after we buy and all bills etc... its literally can you get a mortgage with debts, and is it better to save for deposit then pay all spare money on debts, given our deadline of July to move out and costs of rental very high in our area and not want we want to do.
    Thanks for any advise
  • butch612
    butch612 Posts: 1 Newbie
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    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?
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