Is it too late to open a Help to Buy Isa?

6 replies
Found 11th Feb
My son is 18 yrs old. He has enough money to set up a help to Buy ISA into that he would pay £1200 in Feb 2017, £200 in March 2017 and £200 beginning April 2017. Total £1600. Would he be able to claim the £400 from Government this tax year? Also would he then beable to open a lifetime ISA £4000 in April 2017 and then transfer all money over from Help to Buy ISA? In April can he have a Help to Buy Isa running along side a Lifetime ISA? Any help would be appreciated. I've looked at moneysavingexpert but still confused.


you only get the bonus when you buy a house. you do get interest on whatever in isa.

Original Poster

Yes thanks I know bonus is only when he buys his first home.

His bank should provide a free meeting and advice. Get him to arrange an appointment and all his question's should be answered

He should not be joining Isas in the first place dangerous groip who have killed peopel

I'm in the same position but it's all very confusing so I'll keep an eye on this thread for any advice

Found this on the governments website
which might be of some use, just look at the faq area :
I've already saved into a Help to Buy: ISA. Can I take advantage of the Lifetime ISA?
Yes. At Budget 2016 the Government announced the Lifetime ISA to help young people save flexibly towards a first home and retirement at the same time. From 6 April 2017, adults under age 40 will be able to open and save up to £4,000 each year into a Lifetime ISA and receive a 25% government bonus (paid annually at the end of the 2017-18 tax year and monthly for all future tax years). Individuals will be able to contribute to their Lifetime ISA and receive an annual government bonus on their contributions up to the age of 50. Savings invested in a Lifetime ISA can be withdrawn after age 60, or at an earlier age if they are being used to buy an individual’s first home worth up to £450,000.

During the 2017-18 tax year only, those with a Help to Buy: ISA will be able to transfer in the savings they have built up before 6 April 2017 to the Lifetime ISA, and still save an additional £4,000 into a Lifetime ISA in that year. The whole amount saved will benefit from the 25% government bonus. However, there is an initial minimum holding period of 12 months from account opening before withdrawals that can be made for a home purchase.

You can chose to save into both schemes if you meet the eligibility criteria, however, you will only be able to use the bonus from one to buy a house.
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