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Help to Buy ISA

homi
homi Posts: 201 Forumite
Eighth Anniversary 100 Posts Name Dropper
in House buying, renting & selling
Hi , can anyone give me some advice on a Help to Buy ISA .

I went into Natwest today to ask about opening a help to buy isa putting the full first deposit amount on the same day .

I mentioned I was ready to buy if a property I liked came available but the mortgage advisor told me that it would not be worthwhile if i was looking to buy within the next 30 - 60days .

Is this correct ? even if it is a small amount was received it would be better than nothing .

thanks in advance

Comments

  • CommitedToChange
    CommitedToChange Posts: 1,325 Forumite
    https://www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/
  • homi
    homi Posts: 201 Forumite
    Eighth Anniversary 100 Posts Name Dropper
    thanks for the link , I was going to put the lump sum down £1200 followed in the next 2 months by £200 so would take me to the 1600 = £400 ( bonus) ? .

    Even if was to find in a couple of weeks it may take upto 3 months to complete .
    Is this correct?
  • CommitedToChange
    CommitedToChange Posts: 1,325 Forumite
    Correct - and even longer depending on the chain. It's certainly worth doing now.
  • homi
    homi Posts: 201 Forumite
    Eighth Anniversary 100 Posts Name Dropper
    Thanks , I tried to explain to the Natwest advisor but they thought for the sake of a " few hundred " pounds it would not be worthwhile .

    Am I able to fund the ISA from my standard bank account as advisor said it would affect the my S&S ISA for the year .
  • CommitedToChange
    CommitedToChange Posts: 1,325 Forumite
    Pfff every little helps.

    No idea on the isa clash I'm afraid.
  • bobobski
    bobobski Posts: 771 Forumite
    Seventh Anniversary 500 Posts Name Dropper Chutzpah Haggler
    Not exactly on the point you're asking about but I do hope you'll be using an independent mortgage broker when the time comes and not one affiliated with a lender :)
  • Gawatate
    Gawatate Posts: 19 Forumite
    Third Anniversary
    edited 6 December 2017 at 4:46PM
    There are two different types of Isa in existence at present, cash Isas (which Help to Buy Isas fall under) and “Stocks and Shares Isas”. You are allowed to pay into one of each kind in a single tax year. I opened my HTB Isa at the begining of my house purchase 4 months ago and i am still waiting to exchange and complete so it is worth opening one now.
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