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  • FIRST POST
    • Bookowl
    • By Bookowl 12th Dec 17, 8:30 PM
    • 20Posts
    • 9Thanks
    Bookowl
    Help to buy isa / budget
    • #1
    • 12th Dec 17, 8:30 PM
    Help to buy isa / budget 12th Dec 17 at 8:30 PM
    Hi,
    This may have been answered previously, but any help would be apprecieted.
    I am looking to get on the property ladder- Iíve worked out itíll take me 5-7 years fo save a deposit of roughy £25,000. I have £8,500 currently- I donít have a help to buy isa currently, but looking to open one up. I have a few reservations about this though and would like advice:
    1. I am currently in a temporary job - so my job out look is temporary currently and has been for the last 8 years with a series of fixed term and short term contracts. Iíd hope to put money aside on a monthly basis, but that depends on my job / income situation. Would it be better to put my house fund into a good savings account rather than a help to buy isa?
    2. Can I move the current amount of £8,500 into a help to buy isa / savings account or would it be more beneficial to move it across bit by bit?
    3. Iím looking to live in the Belfast area with house prices currently £70,000 -£90,000

    Thanks for your help
Page 1
    • marliepanda
    • By marliepanda 12th Dec 17, 9:32 PM
    • 5,917 Posts
    • 12,557 Thanks
    marliepanda
    • #2
    • 12th Dec 17, 9:32 PM
    • #2
    • 12th Dec 17, 9:32 PM
    Hi,
    This may have been answered previously, but any help would be apprecieted.
    I am looking to get on the property ladder- Iíve worked out itíll take me 5-7 years fo save a deposit of roughy £25,000. I have £8,500 currently- I donít have a help to buy isa currently, but looking to open one up. I have a few reservations about this though and would like advice:
    1. I am currently in a temporary job - so my job out look is temporary currently and has been for the last 8 years with a series of fixed term and short term contracts. Iíd hope to put money aside on a monthly basis, but that depends on my job / income situation. Would it be better to put my house fund into a good savings account rather than a help to buy isa?
    2. Can I move the current amount of £8,500 into a help to buy isa / savings account or would it be more beneficial to move it across bit by bit?
    3. Iím looking to live in the Belfast area with house prices currently £70,000 -£90,000

    Thanks for your help
    Originally posted by Bookowl
    You can only open a HTB ISA with £1200, and deposit £200 a month thereafter. With your current amount of savings it would only be possible to do it with 2 accounts, one HTB ISA and one normal savings account. Rates aren't exactly stellar on either but the HTB bonus is nothing to be sniffed at.

    Note: I dont know anything about these new Lifetime ISA's which may work for you.
    • Bookowl
    • By Bookowl 8th Jan 18, 7:56 PM
    • 20 Posts
    • 9 Thanks
    Bookowl
    • #3
    • 8th Jan 18, 7:56 PM
    • #3
    • 8th Jan 18, 7:56 PM
    Hi,
    Thank you for your reply. What would happen if I canít put away £200 a month? Depending on my job & income situation.
    • Norman Castle
    • By Norman Castle 8th Jan 18, 8:10 PM
    • 7,094 Posts
    • 5,862 Thanks
    Norman Castle
    • #4
    • 8th Jan 18, 8:10 PM
    • #4
    • 8th Jan 18, 8:10 PM
    Not a problem. £200 a month is the maximum, no minimum.

    https://www.moneysavingexpert.com/savings/help-to-buy-ISA
    Don't harass a hippie. You'll get bad karma.

    Never trust a newbie with a rtb tale.
    • juniordoc
    • By juniordoc 8th Jan 18, 8:53 PM
    • 364 Posts
    • 286 Thanks
    juniordoc
    • #5
    • 8th Jan 18, 8:53 PM
    • #5
    • 8th Jan 18, 8:53 PM
    You can get 5% interest in some current accounts but the Help to Buy ISA would give you the benefit of the bonus so put as much as you can in that, as mentioned above the max you can put in is £1200 in the first month, then only up to £200 each month afterwards.
    For the price of property you're looking at then £12-13K would be a decent deposit, you mightn't have to save for as many years as you think!
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