Help to Buy ISA 4% AER + upto £3000 bonus for first time buyers ( Available from 01/12/15 ) @ Halifax
913°Expired

Help to Buy ISA 4% AER + upto £3000 bonus for first time buyers ( Available from 01/12/15 ) @ Halifax

275
Found 29th Nov 2015
**************Available from 1 December 2015*****************

Halifax will be offering the market-leader on rate for the Help to Buy ISA.Halifax will offer its Help to Buy ISA at 4% AER from Tuesday.

Halifax has launched a table-topping Help to Buy Isa rate for first-time buyers looking to build a mortgage deposit.

Help to Buy ISAs are a no-brainer if you're saving for a deposit for an eligible home. It's a tax-free savings product in which the Government adds 25% on top of whatever you've saved

Anyone can get one, as long as you're a first-time buyer or plan to be in the future. You can open one anytime between 1 December 2015 and December 2019. A first-time buyer is someone who doesn't own (and hasn't ever owned) an interest in a residential property, either inside or outside the UK, whether it was bought or inherited.

The Help to Buy Isa has been created to provide a tax-free savings account for first-time buyers to save for deposit, boosted by a government bonus.

First-time buyers can save £200 each month and the government provides a 25 per cent bonus on the interest and contributions once the product is closed.

However, the bonus is set at a maximum of £3,000 so the maximum that can be saved to benefit from the bonus is £12,000.

How much government top-up you'll get

Amount in Help to Buy ISA - Bonus Added

£1,600 (the minimum to get bonus) - £400
£2,000 - £500
£3,000 - £750
£4,000 -£1,000
£5,000 - £1,250
£6,000 - £1,500
£7,000 - £1,750
£8,000 - £2,000
£9,000 - £2,250
£10,000 - £2,500
£11,000 - £2,750
£12,000 - £3,000

PLUS 4% Interest a year for the amount in the ISA

So at the point you use the ISA to buy your first home, all the money you have put in and the interest will have 25% added to it, with two exceptions:
- You need to have at least £1,600 saved to get the bonus (so you'd get £400 extra).
- The most you'll get the bonus on is £12,000 (so a £3,000 bonus). If you have more than that, you can still use the ISA to save, you just won't get more than £3,000 on top.

Will update the link soon



Live 01/12 halifax.co.uk/isa…sa/
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275 Comments
I'm so happy about these. Just the right time. Just a couple of notes.

You can open the isa with a deposit of £1200. If you are able to save more than the £200 a month then it might best to get the £1200 the deposit together before opening.

House value maximum is £250,000 and £450,000 in London.

You can't add to a cash ISA and a Save To Buy in the same year.

It's a personal ISA so if you are a couple you can have one each and get a £6000 maximum but you'd be looking at 4.5 years of saving to get it and houses will be way more expensive by then.
Do you have to prove you are buying a house when you cash it in at the end of the plan? Ie could you just invest in it and not buy a property!
Does the government top up need to be repaid if you deposit 12k? Also, do you need to use the help to buy housing scheme to use this? I'm not interested in the help to buy. I'd prefer to save more upfront.
Please be aware the bonus does not get added to the ISA account itself, the solicitor you are using must apply for the bonus by producing the ISA closure confirmation.
mcdexsta

Do you have to prove you are buying a house when you cash it in at the … Do you have to prove you are buying a house when you cash it in at the end of the plan? Ie could you just invest in it and not buy a property!



Yes, when you are ready you must close the ISA and produce the documents to your solicitor who will then claim the bonus for you. This bonus is not paid into your ISA. You could just invest in it if you want but you would only get your 4% interest and not the 25% bonus unless you are actually buying a home.
Another scheme for the government to track your savings.....not me
coralgough

Please be aware the bonus does not get added to the ISA account itself, … Please be aware the bonus does not get added to the ISA account itself, the solicitor you are using must apply for the bonus by producing the ISA closure confirmation.



Just to add the max a solicitor can charge for this service is £50 + VAT
Love this! Will be at the bank Tuesday, thanks
Do the bank care if you are a ftb if you just want a 4% regular saver and don't care about the govt top up?
Does anybody know how long i will have to keep for example £12K in the ISA for to get the full £3000?
does anyone know if you can open one if you have already deposited into a cash ISA this tax year?
jakehill307

does anyone know if you can open one if you have already deposited into a … does anyone know if you can open one if you have already deposited into a cash ISA this tax year?



You won't be able to open one untill the next tax year sorry, you can not open or deposit into more than one ISA per tax year.
coralgough

You won't be able to open one untill the next tax year sorry, you can not … You won't be able to open one untill the next tax year sorry, you can not open or deposit into more than one ISA per tax year.



If it was open last tax year and not deposited into this tax year would I be okay? I think I have withdrawn from it though

Edited by: "jakehill307" 29th Nov 2015
It's a bit annoying that I have previously owned a property but when we sold it we only broke even...now 2 years of renting later, I suppose I'm not classed as a first time buyer even tho I'm basically starting from scratch again
sammypants

Does anybody know how long i will have to keep for example £12K in the … Does anybody know how long i will have to keep for example £12K in the ISA for to get the full £3000?



You can save a maximum of £200 per month into your help to buy ISA in effect this should take you 5 years to save up the maximum but bare in mind you can start your ISA with a one off deposit of £1200 so this will take 6 months off the time it takes. hope this helps.
coralgough

You can save a maximum of £200 per month into your help to buy ISA in … You can save a maximum of £200 per month into your help to buy ISA in effect this should take you 5 years to save up the maximum but bare in mind you can start your ISA with a one off deposit of £1200 so this will take 6 months off the time it takes. hope this helps.



Ahh fantastic cheers, thanks for the quick response
ngangekrubally

Another scheme for the government to track your savings.....not me



​Yeah, much safer to keep your money under your mattress. oO
the gooner

Just to add the max a solicitor can charge for this service is £50 + VAT



Good job someone thought to put a limit on it
ngangekrubally

Another scheme for the government to track your savings.....not me



Dat tin foil hat
This can be opened for a 16 yr old. As I have asked my son to open one and start saving. I no he can't save much at the mo. But a small start now. Will mean he might move out 1 day. Plus we can add to it if we get a chance. Can we tie it in for x amount of yrs as well. Just in case he Try's to withdraw from it.
Can a parent pay directly into this for their child (over 16)?
Banned
Saving for 5 years... house prices likely to have risen by more than the 'bonus' by that time.
How does it stop you opening of you just want an Isa account and mot looking into property buying
Banned
mcdexsta

Do you have to prove you are buying a house when you cash it in at the … Do you have to prove you are buying a house when you cash it in at the end of the plan? Ie could you just invest in it and not buy a property!



​Yes a conveyancer has to apply for the bonus amount when transacting on the property.
There are still 9 other banks who haven't announced their details yet, certainly wouldn't jump ship to sign up with Halifax on release.

Also more to it than just the rate such as the withdrawal rules etc
Edited by: "kiish" 29th Nov 2015
jwc061

​Yes a conveyancer has to apply for the bonus amount when transacting on t … ​Yes a conveyancer has to apply for the bonus amount when transacting on the property.



You receive a letter upon withdrawing and closing your account which you give to your solicitor who then applies to the government for the bonus.

If you don't buy a house you do keep the interest in this case 4% from the bank but don't receive the bonus.
Edited by: "kiish" 29th Nov 2015
I have saved 10k for buying a house. Can I apply for this account having savings already?
jwc061

Saving for 5 years... house prices likely to have risen by more than the … Saving for 5 years... house prices likely to have risen by more than the 'bonus' by that time.



I don't understand why people post cynical comments like this. If someone is saving for a house deposit then they may as well take advantage of this scheme while it's available. You don't have to save for 5 years by the way, just a maximum of 5 years.
daniq

I have saved 10k for buying a house. Can I apply for this account having … I have saved 10k for buying a house. Can I apply for this account having savings already?



Yes, but you can't put all 10k into it, just a deposit of £1200, and then £200 a month!
help to buy = tories funding tories.
bankerscum

help to buy = tories funding tories.



Hahaha this thread has some characters on it today!

Can you elaborate on your point?
It's great maybe for people who are young and are in no rush to buy. When they are ready to buy years down the line they will have a nice top up from the government.

Not so great for other first time buyers who are older and wish to save more than £200 a month and buy quicker

Worth looking at the Nationwide's offering. I believe you can open a normal Cash ISA in the same tax year as the Help To Buy ISA - as long as both products are with Nationwide. Only 2% though...

nationwide.co.uk/sup…isa

In addition, as Britain’s biggest building society, Nationwide allows its … In addition, as Britain’s biggest building society, Nationwide allows its customers to choose more than one type of cash ISA product within the Nationwide ISA portfolio, which can be combined under a single Nationwide ISA wrapper, up to the current annual 2015/16 ISA limit of £15,240. This means that Nationwide savers can keep investing in Nationwide cash ISA products as well as contributing up to £200 a month to the Nationwide Help to Buy ISA, subject to limits.


Edited by: "kowalski" 30th Nov 2015
I don't have any Halifax branch around. Does any other bank offer similar ISA?
daniq

I have saved 10k for buying a house. Can I apply for this account having … I have saved 10k for buying a house. Can I apply for this account having savings already?


Of course
How to they know if you're a first time buyer or not?
santosharelle

It's great maybe for people who are young and are in no rush to buy. When … It's great maybe for people who are young and are in no rush to buy. When they are ready to buy years down the line they will have a nice top up from the government. Not so great for other first time buyers who are older and wish to save more than £200 a month and buy quicker



​if already saving just continue to put the extra into that savings account!?
kowalski

Worth looking at the Nationwide's offering. I believe you can open a … Worth looking at the Nationwide's offering. I believe you can open a normal Cash ISA in the same tax year as the Help To Buy ISA - as long as they are both products are with Nationwide. Only 2% though...http://www.nationwide.co.uk/support/support-articles/important-information/help-to-buy-isa


2% is rubbish
moggster2001

​if already saving just continue to put the extra into that savings a … ​if already saving just continue to put the extra into that savings account!?



Could be a good shout actually
Better to wait & see what other banks are offering before jumping ship.
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