Help to Buy ISA guide

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Comments

  • Sam12341
    Sam12341 Posts: 21 Forumite
    Hi guys
    I am currently buying a house and received the forms to claim the bonus today

    On the form it is asking for a help to buy isa number?
    Is there a specific number for each help to buy Isa account or will it just mean the account number?
  • Corey_Dee
    Corey_Dee Posts: 1 Newbie
    Hello
    I live in High Wycombe and work in London. I am looking for my 1st home and sighned up to the help to buy ISA last year. The problem is if you are looking to buy outside of London you don't get the 25% bonus on a propertey over £25000 and I can't find 1 or 2 bed flats for under £26000. Due to liveing near London and the way the markets are heading the price of houses are going up.
    Dose anyone know if the government are going to extend the "London" price cap or increase the "outside London" price cap.
    Thank you.
  • masonic
    masonic Posts: 23,269 Forumite
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    Corey_Dee wrote: »
    Hello
    I live in High Wycombe and work in London. I am looking for my 1st home and sighned up to the help to buy ISA last year. The problem is if you are looking to buy outside of London you don't get the 25% bonus on a propertey over £25000 and I can't find 1 or 2 bed flats for under £26000. Due to liveing near London and the way the markets are heading the price of houses are going up.
    Dose anyone know if the government are going to extend the "London" price cap or increase the "outside London" price cap.
    Thank you.
    My understanding is that the lifetime ISA applies a £450k cap on the value of a house even outside London, so you could transfer into that scheme.
  • King_Nothing
    King_Nothing Posts: 854 Forumite
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    EDIT: Nevermind, wrong topic.
  • MARTYM8`
    MARTYM8` Posts: 1,212 Forumite
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    masonic wrote: »
    My understanding is that the lifetime ISA applies a £450k cap on the value of a house even outside London, so you could transfer into that scheme.

    You do wonder why they don’t do the same for the help to buy isa – just to simplify things.

    You might think the government might want to do their bit to assist first time buyers over 40 – as if they don’t buy soon they will end up being a burden on the state in retirement. They are eligible for the HTB isa but not the lifetime ISA.

    Surprising the government is allowed to get away with such ageism – higher savings rates for over 60s special savings schemes/starter homes for under 40s. What about those aged 40-60?
  • masonic
    masonic Posts: 23,269 Forumite
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    MARTYM8` wrote: »
    Surprising the government is allowed to get away with such ageism – higher savings rates for over 60s special savings schemes/starter homes for under 40s. What about those aged 40-60?
    As mentioned elsewhere, wait for the other shoe to drop...

    Those aged 40-60 will probably get to enjoy a state pension that isn't means tested, and get it before they are 80, etc etc.
  • WorriedFTB_2
    WorriedFTB_2 Posts: 72 Forumite
    We are trying to close the accounts to claim the bonus . It says on the quide that we must ask a closing letter first but the bank says we must close the account and the money will be transfered into our current accounts .
    My solicitor is useless we bet find our ourselves :(
    Is this correct ? Close the account then send the closing letter to the solicitor .
    Many Thanks
  • Hayley86
    Hayley86 Posts: 1 Newbie
    Hi,
    I am a first time buyer and set up a help to buy ISA. However, when I had an appointment with Halifax the mortgage advisor said I couldn't use the ISA if I wanted to only do a 5% deposit? I haven't read this anywhere in the T&Cs and still cant? Can anybody help?
  • jimjames
    jimjames Posts: 17,611 Forumite
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    Hayley86 wrote: »
    Hi,
    I am a first time buyer and set up a help to buy ISA. However, when I had an appointment with Halifax the mortgage advisor said I couldn't use the ISA if I wanted to only do a 5% deposit? I haven't read this anywhere in the T&Cs and still cant? Can anybody help?
    I'm sure there is nothing in the T&Cs about level of deposit. It's probably not unexpected that the adviser doesn't know the full details.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • eskbanker
    eskbanker Posts: 30,991 Forumite
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    Hayley86 wrote: »
    Hi,
    I am a first time buyer and set up a help to buy ISA. However, when I had an appointment with Halifax the mortgage advisor said I couldn't use the ISA if I wanted to only do a 5% deposit? I haven't read this anywhere in the T&Cs and still cant? Can anybody help?
    Was there perhaps some confusion about the term 'deposit'? If this was meant as in 'amount of equity in the property excluding mortgage' then there shouldn't be any issue, but if it's deposit in the sense of 'advance reservation fee for a new build property' then that wouldn't work as the HTB ISA can only be used at completion of purchase.
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