Help to Buy ISA guide

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Comments

  • Lance13
    Lance13 Posts: 1 Newbie
    Can I open a cash isa this financial year 16/17 if I also transfer last year's help to buy isa to a new provider?
  • Jenh89
    Jenh89 Posts: 1 Newbie
    Hi, I am in the process of my buying my first house with my partner. We both have HTB ISA's. We are buying from a couple who are purchasing a new build property and their new house will not be ready until September. We will be exchanging within the next few months but having a delayed completion date for September. Our Solicitor has advised us we will lose our HTB bonus as they need to claim this before exchange of contracts and it is only valid for 3 months before it has to be returned to the government. So if the time between the solicitor receiving the bonus prior to exchange of contracts and completion is more than 3 months then we will lose our bonus. Can anyone help with this? Thanks.
  • debtye
    debtye Posts: 4 Newbie
    Can anyone with an existing debt relief order open a help to buy ISA?:A
  • rebeccaabbott93
    rebeccaabbott93 Posts: 4 Newbie
    Hey everybody I was hoping you'll be able to help with a question I have.

    Last April I opened a cash Isa with Halifax that paid 1% interest but that interest rate changes later this month - I've not been told what it changes to. I was putting £100 away a month by standing order.

    I want to open a HTB for this tax year but because I didn't cancel the standing order in time I've already put £100 in the isa I opened last year.

    What are my options? Can I transfer the isa I've already got into a HTB and then continue adding to it like I was last year or am I gonna have to leave the HTB for this year and get it next year?

    Thanks
    Rebecca
  • badger09
    badger09 Posts: 11,200 Forumite
    First Post First Anniversary Name Dropper
    Lance13 wrote: »
    Can I open a cash isa this financial year 16/17 if I also transfer last year's help to buy isa to a new provider?

    Yes, but you can only pay into one of them.

    Why do you want to open a cash ISA this year when you can get 5% (and up to 6% in regular savers) in various current accounts:cool:
  • badger09
    badger09 Posts: 11,200 Forumite
    First Post First Anniversary Name Dropper
    rebeccaabbott93 wrote: »
    Hey everybody I was hoping you'll be able to help with a question I have.

    Last April I opened a cash Isa with Halifax that paid 1% interest but that interest rate changes later this month - I've not been told what it changes to. I was putting £100 away a month by standing order.

    I want to open a HTB for this tax year but because I didn't cancel the standing order in time I've already put £100 in the isa I opened last year.

    What are my options? Can I transfer the isa I've already got into a HTB and then continue adding to it like I was last year or am I gonna have to leave the HTB for this year and get it next year?

    Thanks
    Rebecca

    How much is in your existing cash ISA?
  • ghowell13
    ghowell13 Posts: 4 Newbie
    Santander have made it harder for people to withdraw money from the Help to Buy ISA. Before, you could withdraw money online, via the mobile app, by telephone and in branch. However, as from 1st July you will only be able to do this via telephone or in branch. I believe that this makes it much harder to access money, especially if you don't live near a branch!

    Halifax, whilst you can still only pay once in per month via standing order, it is easier and more convenient to withdraw money as you can do it online or via their app.
  • eskbanker
    eskbanker Posts: 30,929 Forumite
    First Anniversary Name Dropper Photogenic First Post
    ghowell13 wrote: »
    Santander have made it harder for people to withdraw money from the Help to Buy ISA. Before, you could withdraw money online, via the mobile app, by telephone and in branch. However, as from 1st July you will only be able to do this via telephone or in branch. I believe that this makes it much harder to access money, especially if you don't live near a branch!

    Halifax, whilst you can still only pay once in per month via standing order, it is easier and more convenient to withdraw money as you can do it online or via their app.
    You may or may not be right but I'd have thought that in most cases people will be using a HTB ISA to save up for a one-off withdrawal at closure/purchase rather than needing more regular access, so convenience may actually be less desirable....
  • masonic
    masonic Posts: 23,240 Forumite
    Photogenic Name Dropper First Post First Anniversary
    ghowell13 wrote: »
    However, as from 1st July you will only be able to do this via telephone or in branch. I believe that this makes it much harder to access money, especially if you don't live near a branch!
    They are also required by law to process transfer requests in writing from another provider.
  • Darksoul
    Darksoul Posts: 24 Forumite
    Hi all, apologies as this has probably been answered loads of times. I've read loads on these forums and on the help to buy website but I'm just getting muddled about it all. Is the balance of the HTB ISA and the bonus paid towards the mortgage? Can the balance be paid towards the 10% at the exchange? We have £7000 saved up towards a 10% deposit which includes £1600 in HTB ISA so I intended this to all go towards the 10% deposit not accounting for the bonus.
    :www:House Deposit £10,539.47 / £12,500:www:
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