Help to buy ISA

[TW]Fox · 8 Jan 2016 at 20:54

It will only be an issue if you opened either of them in this tax year.

DJMK4 · 8 Jan 2016 at 21:01

[TW]Fox;29032994 said:
It will only be an issue if you opened either of them in this tax year.

Lloyd's deffo not, Santander again that was ages ago, I'm not even using them really other than to sometimes transfer money through but balances are 0 and can be closed

What about the £200 saving limit per month on halifax, Is this for real ? So if I transfer in a lump sum from bonds in to this, I can only save £200 p/m going forward?

[TW]Fox · 8 Jan 2016 at 21:06

The £200 limit isn't a Halifax limit, it's a Help to Buy ISA limit. The scheme itself restricts you to £1200 in the first month and £200 in subsequent months.

Stumble Bum · 8 Jan 2016 at 21:10

If you've opened up the Halifax help to buy ISA you have 21 days from opening the account to deposit the initial £1000 to qualify for the 25% bonus. You can then also set up a standing order for a Max of £200 per month to also claim a 25% bonus on that amount every month.

So a total of £1200 can be invested in the first month. £1000 deposit followed by a standing order upto £200.

[TW]Fox · 8 Jan 2016 at 21:15

You don't get a 25% bonus every month.

You get a single 25% bonus on the total amount WHEN you purchase a property.

Stumble Bum · 8 Jan 2016 at 21:16

Well obviously

DJMK4 · 8 Jan 2016 at 21:17

Damn it, so I could only transfer in their 1200 then it would be sending in 200 a month

I would have to split it then would this work? So send some into that, the rest in to other savings

Stumble Bum · 8 Jan 2016 at 21:21

Pretty sure you have to split it otherwise I think some people were running into problems. So £1000 cash deposit. And the £200 as a separate standing order. Standing order to be received by the 25th of each month at the latest.

FoxEye · 8 Jan 2016 at 21:22

I was planning on opening one of these, but those limits make it sound utterly pants. I wanted to put 15k in from elsewhere.

Steedie · 8 Jan 2016 at 21:23

Yeah I was looking at setting one up, the limit is frustrating as we plan on buying in the next year so wouldn't really get much in it

DJMK4 · 8 Jan 2016 at 21:29

Iv just checked I opened the Halifax account 5th Dec, didn't know about this 21 day thing

norm · 8 Jan 2016 at 21:35

DJMK4 said:
Iv just checked I opened the Halifax account 5th Dec, didn't know about this 21 day thing

Might as well close it and open a new one, assuming you haven't paid in already.

norm · 8 Jan 2016 at 21:39

Vanilla said:
I don't get it? Are all solicitors conservatives?

Solicitors and those in the legal profession are fairly handsomely paid. Coupled with the fact higher income households are more likely to vote Conservative. Doesn't take a genius to figure out.

http://blogs.lse.ac.uk/politicsandp...ortant-for-the-conservatives-than-for-labour/

DJMK4 · 8 Jan 2016 at 21:45

Ill have to ring them tomorrow

DJMK4 · 8 Jan 2016 at 22:05

Your only going to get £1200 + 200x 12 months worth of savings for a year so £3600

So at the end when they add the 25% bonus you obviously bring in other savings to use combine it and get this bonus?

Skeeter · 8 Jan 2016 at 22:25

These things are designed for people saving to buy a house in 5 years time.

Which is hilarious, because what will £250k buy you in 5 years time :rolleyes:

Ging3r · 8 Jan 2016 at 22:38

I Really don't get what everyone is complaining about, Even if you're planning on buying in 12 months it's still better than anything else available. Fair enough the 250k limit could be annoying for some, but as far as I'm aware that's only to qualify for the bonus, so it's still a 4% account. Although does take your years ISA, but I still think it's great for young people looking to get onto the ladder.

Skeeter · 8 Jan 2016 at 22:45

The £250k limit is the killer for most.

DJMK4 · 8 Jan 2016 at 22:48

And the fact that its more of a slow savings rather than putting as much in as you can

skippy2421 · 8 Jan 2016 at 22:50

Ging3r said:
I Really don't get what everyone is complaining about, Even if you're planning on buying in 12 months it's still better than anything else available. Fair enough the 250k limit could be annoying for some, but as far as I'm aware that's only to qualify for the bonus, so it's still a 4% account. Although does take your years ISA, but I still think it's great for young people looking to get onto the ladder.

Glad I'm not the only one wondering why people are complaining. Opened one myself. I plan on buying after summer this year so whatever extra I get out of this will essentially be money I can put towards furniture. Happy with that.