Help to Buy ISA guide

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  • sharon2345
    sharon2345 Posts: 35 Forumite
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    Who am I try a to fool? It's simple how would they check if a first time buyer you say land registry ok, plenty people on registry who have not bought a residential home but could have share owed a rental property and would be on register.
  • masonic
    masonic Posts: 23,275 Forumite
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    sharon2345 wrote: »
    Who am I try a to fool? It's simple how would they check if a first time buyer you say land registry ok, plenty people on registry who have not bought a residential home but could have share owed a rental property and would be on register.
    That's why asking the question "how would they check" is completely pointless if what you want to know is "am I eligible".

    Clearly when they check the land registry, they will use the information to see if you are actually eligible according to the eligibility criteria. Your presence or absence in the land registry does not mean that you are or are not eligible for HTB.

    Someone who has "not bought a residential home but could have share owed[sic] a rental property and would be on register" would be eligible if the property they part owned was not used (or suitable for use) as a residential home. For example, if it was an industrial unit or office building.
    • If you do not know what the eligibility criteria are, then ask "what are the criteria?"
    • If you are unsure whether you meet the criteria, then ask "would someone in the following situation qualify? ..."
    • If you know you do not qualify, but are unsure whether you could get away with applying anyway, then ask "how would they check?"
    HTH
  • Rich2808
    Rich2808 Posts: 1,332 Forumite
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    edited 1 May 2016 at 10:59PM
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    sharon2345 wrote: »
    Who am I try a to fool? It's simple how would they check if a first time buyer you say land registry ok, plenty people on registry who have not bought a residential home but could have share owed a rental property and would be on register.

    That only works if the property was in the UK - but the help to buy rules apply to any property anywhere in the entire world.

    I very much doubt the records of many Former Eastern bloc states pre 1990 will be entirely accurate - let alone checking records of property ownership for example in Nigeria or Pakistan or China or dozens of other nations with large communities in the UK.

    Nearly Half the population of London was born abroad for example - will the HMRC be able to check records for all of those who apply?

    And just because fraud is illegal doesn't stop people committing it if they think they can get away with it.

    Typical of HMT and HMRC to introduce rules they cannot enforce - but then the HTB isa has been made overly complex all round. Seemingly designed by bureaucrats to make things as complicated as possible - hence we nearly are on page 50 answering endless questions about the rules of this product.
  • eskbanker
    eskbanker Posts: 31,034 Forumite
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    Rich2808 wrote: »
    Seemingly designed by bureaucrats to make things as complicated as possible - hence we nearly are on page 50 answering endless questions about the rules of this product.
    Not sure I'd agree that a 50-page thread is inherently indicative of complexity - one of the self-fulfilling reasons this thread grows is that people keep asking the same questions over and over again because they can't be bothered reading all the way through a 50 page thread! Unfortunately many also can't be bothered reading through either the scheme rules or even the MSE summary article that this thread is ostensibly about....
  • Neilbanyard
    Neilbanyard Posts: 3 Newbie
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    Hi guys. Wondering if I can get some advice if anyone can help me!? Just finished my IVA and had my closing statement last week. Because of this my credit score on experian is poor. Most banks I have spoke to have told me it will probably get declined of you have poor credit history. I just want to save for the future! I don't want credit just somewhere to put my money!!! Any advice would be greatly appreciated. Thanks guys
  • jimjames
    jimjames Posts: 17,619 Forumite
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    You should be able to get a HTB ISA as it's a savings account
    Remember the saying: if it looks too good to be true it almost certainly is.
  • eskbanker
    eskbanker Posts: 31,034 Forumite
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    Neilbanyard wrote: »
    Hi guys. Wondering if I can get some advice if anyone can help me!? Just finished my IVA and had my closing statement last week. Because of this my credit score on experian is poor. Most banks I have spoke to have told me it will probably get declined of you have poor credit history. I just want to save for the future! I don't want credit just somewhere to put my money!!! Any advice would be greatly appreciated. Thanks guys
    Are you looking for a Help to Buy ISA (the subject of this thread)? Generally speaking applications for savings accounts aren't credit-checked, for the very reason you say, which banks have you spoken to and what exactly did you ask them?
  • Neilbanyard
    Neilbanyard Posts: 3 Newbie
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    Hi guys. I spoke to virgin money with regards to a help to buy isa and they said it would be credit checked before they open the account. I guess I should just give it a go and see what happens. Just can't afford anymore bad stuff on my credit file. My bank RBS were also very cautious I'm opening a new account for me due to the current state of my credit file. Thanks
  • masonic
    masonic Posts: 23,275 Forumite
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    Neilbanyard wrote: »
    Hi guys. I spoke to virgin money with regards to a help to buy isa and they said it would be credit checked before they open the account. I guess I should just give it a go and see what happens. Just can't afford anymore bad stuff on my credit file. My bank RBS were also very cautious I'm opening a new account for me due to the current state of my credit file. Thanks
    Why would you open a HTB ISA with Virgin? Do they pay 4% like Santander and Halifax?

    I wasn't credit checked when I opened my Halifax HTB ISA.
  • eskbanker
    eskbanker Posts: 31,034 Forumite
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    masonic wrote: »
    Why would you open a HTB ISA with Virgin? Do they pay 4% like Santander and Halifax?

    I wasn't credit checked when I opened my Halifax HTB ISA.
    Halifax are apparently withdrawing their 4% rate for new applicants from tomorrow so anyone looking to secure this rate would need to act quickly!

    http://forums.moneysavingexpert.com/showthread.php?t=5454965
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