Help to buy - Question

3
Posted 24th Oct
Hi.
Noob question...

If my friend signs up for a Help to Buy and deposits the £1,200 compulsory amount within a month of signing up to it, do they have to continually deposit £200 every month (which is the max you can deposit per month) or just deposit money in there every few months?
Rephrased: Do you have to keep depositing cash into it every month or can you just deposit the amount of your choice at any time (even if you leave it months before you make another deposit)?

Cheers!
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you dont need to start with £1200 thats the maximum you can start with £1 and just keep it open you dont have to deposit every month and can deposit up to £200 each month also the maximum for the bonus, you could put £0 or any ammount in each month.

you must however have £1600 minimum to get the bonus.

Open: the Help to Buy: ISA is available from a range of banks, building societies and credit unions. The accounts are available to each first time buyer, not each household. This means that if you are planning to buy with your partner, for example, you could receive a government bonus of up to £6,000 towards your first home.

Save: save up to £200 a month into your Help to Buy: ISA. To kickstart your account, in your first month, you can deposit a lump sum of up to £1,200.

The minimum government bonus is £400, meaning that you need to have saved at least £1,600 into your Help to Buy: ISA before you can claim your bonus. The maximum government bonus you can receive is £3,000 – to receive that, you need to have saved £12,000.

Receive bonus: when you are close to buying your first home, you will need to instruct your solicitor or conveyancer to apply for your government bonus. Once they receive the government bonus, it will be added to the money you are putting towards your first home. The bonus must be included with the funds consolidated at the completion of the property transaction. The bonus cannot be used for the deposit due at the exchange of contracts, to pay for solicitor’s, estate agent’s fees or any other indirect costs associated with buying a home.

Find out if you’re eligible for a Help to Buy: ISA here.
helptobuy.gov.uk/hel…aq/
Edited by: "Luckyluke02" 24th Oct
Get a LISA if you want to dump cash into it at irregular times, Help to Buy restricts you to monthly amounts, if you miss that month can't add it onto another month.

LISA bigger desposit too (4k p/a) meaning 1k bonus a year.
andyjack9424/10/2019 10:32

Get a LISA if you want to dump cash into it at irregular times, Help to …Get a LISA if you want to dump cash into it at irregular times, Help to Buy restricts you to monthly amounts, if you miss that month can't add it onto another month. LISA bigger desposit too (4k p/a) meaning 1k bonus a year.


The bonus is also paid in a more friendly way.

The only time I would suggest not getting a LISA is if you expect to move within a year, as the LISA needs to be open for a year.
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