Help to Buy ISA guide

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  • Alexland
    Alexland Posts: 9,653 Forumite
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    As above and remember the HTB ISA money can be partially or completely withdrawn if required without penalty if you need to use the money to meet your other commitments. With a good rate of interest you really have nothing to lose by using the account.
  • shilo_dog
    shilo_dog Posts: 4 Newbie
    Hi All,My youngest daughter and her partner are looking to buy our 'buy to let' property as their first house. So a few questions:

    I know it's a bit late in the day but would it be worth both of them taking out a Help to Buy ISA. They'd probably be looking to buy the property after Christmas. They have savings but they're just sitting in normal accounts. I think they could both save £1200.00 in month 1 and then £200.00 each until after Christmas.

    We are looking to 'gift' them the deposit. If we did that could they also use the Help to Buy ISA to increase the deposit? What I'm basically asking is, is there a way they can they get the 25% bonus plus a 'gift' deposit off us?
    Hoping you can help.
  • masonic
    masonic Posts: 23,262 Forumite
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    shilo_dog wrote: »
    We are looking to 'gift' them the deposit. If we did that could they also use the Help to Buy ISA to increase the deposit? What I'm basically asking is, is there a way they can they get the 25% bonus plus a 'gift' deposit off us?
    To get the 25% bonus, it would have to be an arms length transaction and both of you would have to be represented separately. You would probably save on solicitors fees by agreeing a private sale and foregoing the HTB ISA bonus.

    But in general there is no issue with gifted money being used together with HTB ISA / LISA bonus money.
  • System
    System Posts: 178,093 Community Admin
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    Apologies if it's covered elsewhere.

    My Mum (who is alive and well!) transferred her house to myself and my sister's name. I have never bought a property before myself.

    Would I still qualify to use a Help to Buy ISA?
  • eskbanker
    eskbanker Posts: 30,983 Forumite
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    NorthLondon wrote: »
    Apologies if it's covered elsewhere.

    My Mum (who is alive and well!) transferred her house to myself and my sister's name. I have never bought a property before myself.

    Would I still qualify to use a Help to Buy ISA?
    If you currently own, or have owned, a property, including a share of one, then no, you'd no longer be considered a first-time buyer, for further details see the definition at https://www.helptobuy.gov.uk/documents/2015/12/eligibility-of-ftbs.pdf
  • masonic
    masonic Posts: 23,262 Forumite
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    I've had a look through the thread, but it's very long and I couldn't find an answer to my question, so here goes:

    I bought a home several years ago, but recently I had a very vivid dream in which I never owned a property. Will I now qualify to use a Help to Buy ISA?
  • Neil_Jones
    Neil_Jones Posts: 8,912 Forumite
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    masonic wrote: »
    I bought a home several years ago, but recently I had a very vivid dream in which I never owned a property. Will I now qualify to use a Help to Buy ISA?

    By this logic I could argue the National Lottery owe me £60m because I dreamt I won the Lottery multiple times in dreams. But I suspect I would get sod all.

    If its a serious question then no you do not qualify because in reality you have bought a house and H2B is for people who have never owned property. Unfortunately dreams and their content do not qualify for H2B purposes :)
  • masonic
    masonic Posts: 23,262 Forumite
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    Neil_Jones wrote: »
    By this logic I could argue the National Lottery owe me £60m because I dreamt I won the Lottery multiple times in dreams. But I suspect I would get sod all.

    If its a serious question then no you do not qualify because in reality you have bought a house and H2B is for people who have never owned property. Unfortunately dreams and their content do not qualify for H2B purposes :)
    Following on from previous posts, I was just curious to see how far I could push the boundaries while still receiving a reasoned response. I'm counting this btw :p
  • System
    System Posts: 178,093 Community Admin
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    edited 25 August 2018 at 10:06AM
    As a new member of the site, thanks guys for the warm, constructive, non sarcastic welcome and showing me what a nice community you are.

    As suspected though it's probably better to seek out advice from more official sources in the future. Cheers and enjoy that 1000th post about meal prep. Bye
  • invuk
    invuk Posts: 41 Forumite
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    Can't find this answer anywhere so just wondered if someone could help me out.

    I already have a Help to Buy ISA and just wondered if I could open a Stocks and Shares ISA in the same tax year?

    Thanks in advance.
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