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Planning on buying your first home? Please read this!

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Posted 24th Nov
Planning on buying your first home?

As of the 30th of November you won't be able to open a help to buy ISA bank account.

Whats a help to buy ISA account?

Its a government run scheme. The government will give you 25% of your saving towards buying your first home with a maximum of a £3000 contribution.

I've probably not explained it as well as i could have but there are more details on the website.

I did it myself and made a saving of over £2000 towards my first home.

helptobuy.gov.uk/hel…rk/
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23 Comments
How old is minimum age?
Just worry noting, a help to buy ISA will only let you buy new build propertied.
nintendofan1024/11/2019 15:51

Just worry noting, a help to buy ISA will only let you buy new build …Just worry noting, a help to buy ISA will only let you buy new build propertied.


Are you sure that isn't the help to buy scheme not the help to buy ISA. I don't qualify so I've not researched it, but I thought you could use the ISA to buy any kind of property.
nintendofan1024/11/2019 15:51

Just worry noting, a help to buy ISA will only let you buy new build …Just worry noting, a help to buy ISA will only let you buy new build propertied.


Incorrect
nintendofan1024/11/2019 15:51

Just worry noting, a help to buy ISA will only let you buy new build …Just worry noting, a help to buy ISA will only let you buy new build propertied.


If that is true, I'm out.
nintendofan1024/11/2019 15:51

Just worry noting, a help to buy ISA will only let you buy new build …Just worry noting, a help to buy ISA will only let you buy new build propertied.


That's not true, you can use it to buy almost any type of property provided you intend it to be your home, in fact you can even buy land to self-build on if you want.
nintendofan1024/11/2019 15:51

Just worry noting, a help to buy ISA will only let you buy new build …Just worry noting, a help to buy ISA will only let you buy new build propertied.


That's incorrect. A help to buy isa will help towards the purchase of any house or land
Just for balance, I live in a new build and have done for a year now. Touch wood, with no issues. Infact its the best house I've had and I've lived in various rented properties. Benefits from being warm mainly! Its got all the mod cons - solar panels and wide hallways for disabled access.
If you have a 16 year old get one for them before the deadline, the isa will still work for them, as long as they have an Nationals Insurance number.


moneysavingexpert.com/sav…SA/
Hey guys. Sorry been away from my phone last night.
I'm sorry if I have confused anyone and maybe I've been miscommunicated but just doing a quick Google search, it does say a help to buy ISA is for new build propertied only.
Any please do correct me if I am wrong. Me and my wife were looking at a help to buy ISA the the beginning of the year and I was told it was new build only.
Thanks guys
moneysavingexpert.com/sav…SA/


Point number 5


Unlike some other Government schemes, you're not restricted to buying a new build; any property works
nintendofan1025/11/2019 07:22

Hey guys. Sorry been away from my phone last night. I'm sorry if I have …Hey guys. Sorry been away from my phone last night. I'm sorry if I have confused anyone and maybe I've been miscommunicated but just doing a quick Google search, it does say a help to buy ISA is for new build propertied only. Any please do correct me if I am wrong. Me and my wife were looking at a help to buy ISA the the beginning of the year and I was told it was new build only. Thanks guys


You are confusing Help to Buy with Help to Buy ISA. Completely different things.
itchyone25/11/2019 15:05

You are confusing Help to Buy with Help to Buy ISA. Completely different … You are confusing Help to Buy with Help to Buy ISA. Completely different things.


Ok sorry guys my bad
im going to open one, is there any advantages picking one bank over other? which one did you pick. thanks
MR112325/11/2019 15:32

im going to open one, is there any advantages picking one bank over other? …im going to open one, is there any advantages picking one bank over other? which one did you pick. thanks


I dont think there is any advantage of opening one with different banks. They are universal across the board as far as I'm aware. I used Barclays as thats who i bank with
FoulPlay25/11/2019 16:47

I dont think there is any advantage of opening one with different banks. …I dont think there is any advantage of opening one with different banks. They are universal across the board as far as I'm aware. I used Barclays as thats who i bank with


Thanks just reading the rules

"Can be the only home you own"

What the is this. I can't move if I need a bigger house

Anyway can I put in 12k at anytime, monthly or in one go however I like before tax year to get bonus?

I'm reading it on mse and it's not clear. Thanks
£1200 maximum for first deposit and £200 a month max there after. It has to be your first time buying a house
FoulPlay25/11/2019 17:28

£1200 maximum for first deposit and £200 a month max there after. It has t …£1200 maximum for first deposit and £200 a month max there after. It has to be your first time buying a house


okay they could have worded it better
thank you.
btw you can make another contribution 1k max instead of £200 max the month you made your first deposit following year.
No, £1200 as the initial deposit and £200 per month there after is the max.

The only way round this is if you have a partner in the same situation - get them to open an account too and do the same thing
FoulPlay25/11/2019 18:18

No, £1200 as the initial deposit and £200 per month there after is the m …No, £1200 as the initial deposit and £200 per month there after is the max.The only way round this is if you have a partner in the same situation - get them to open an account too and do the same thing


i just read it on barclays whilst i was applying.
I set up with NatWest, who I bank with. And it's not got a direct debit from my other account for some reason and says cash ISA. Do I need to contact them tonight?
MR112325/11/2019 17:26

Thanks just reading the rules"Can be the only home you own"What the …Thanks just reading the rules"Can be the only home you own"What the is this. I can't move if I need a bigger house Anyway can I put in 12k at anytime, monthly or in one go however I like before tax year to get bonus? I'm reading it on mse and it's not clear. Thanks


What do you mean you can't move. "can only be the only home you own" means you can't be a homeowner to take advantage of this scheme. If you're already a home owner then you can't take advantage of this scheme. You can sell the house you buy on this scheme whenever you want.
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