Help to buy ISA

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Evenink you naughty rascals,

We've been squirreling away the cash found down the back of the sofa for a while to buy a palace for ourselves and we're looking at this help to buy ISA lark. The max that David Cameron will chip in is £3k apparently, but what is there a way my wife and I can open one each and buy a house together, or will it be a joint thing, ie. £3k cap for both of us?

Any advices or tipses are appreciated as always :)
 
You are allowed one each and can combine them, so your allowance will be £6k, providing you are both first-time buyers.

I believe Halifax are doing one (others may be) that you can load with £1k immediately, so 5 months worth really.
 
One thing I would add, it's only up to £400k inside London and £250k outside London. Going by your location. So you might struggle to qualify if you are after a decent size house.
 
balky12 said:
One thing I would add, it's only up to £400k inside London and £250k outside London. Going by your location. So you might struggle to qualify if you are after a decent size house.
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It's just a savings account scheme. I think your referring to a different scheme
 
I'm looking at purchasing a house in the near future however I'm going to open one of these, if I buy within 3 months I haven't lost anything, however if it takes longer I get an extra 25% payout, seems like a no-brainer to me.

opstrat said:
It's just a savings account scheme. I think your referring to a different scheme
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The extra 25% will only be paid out on properties within those thresholds, above that and you won't get your payout, just your money+interest.
 
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balky12 said:
One thing I would add, it's only up to £400k inside London and £250k outside London. Going by your location. So you might struggle to qualify if you are after a decent size house.
Click to expand...

True, but at this point we're just wanting to own our own property as at this point we're paying obscene amounts every month into someone else's pocket. We can always sell the place and move in to something bigger later on.
 
You can have one each.

It's a totally garbage token gesture - the saving limit of £200 a month is pathetic and basically ruins it as a concept, but you might as well have one anyway.

What is it they intend you to buy with savings of just £200 a month anyway, a new sofa?
 
It's still £6k between the two of us, I'll never turn down free money. We've already got other ways of saving every month.
 
I was just pointing it out. It doesn't get added on a month by month basis either. You only get the Government portion once you apply for the mortgage on a house where the value is less then £250k outside London and £450k inside London.

To get the maximum £3k you need to be saving 5 years. So if you are like me, living in the South East. £3k over 5 years is nothing compared to how quickly house prices are rising. That's even if you ignore the fact that I can't buy anything for less than £250k around me anyways.
 
Any bonus you do get, part of it is lost in conveyance fees, probably looking at minimum charge of £100. Basically Tories ensuring their chums get a backhander from it.
 
Iv set up a Halifax one although not put anything in yet, need to speak to them,

I have a cash isa with Lloyd's with nothing in, I set it up but never got used, and one with Santander again , I am going to close these probably, this isn't going to cause an issue with this buy to help isa scheme I'm starting with Halifax is it?

Also I set it up last month but not put anything in yet, assuming I can just transfer in and everything does what it needs to do?

Ah so you can only save £200 a month?
 
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