{"id":63581,"date":"2015-11-01T00:15:00","date_gmt":"2015-11-01T00:15:00","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=606876c0d39af645d4dbc92c00010d4c"},"modified":"2016-05-26T15:30:45","modified_gmt":"2016-05-26T15:30:45","slug":"news-story-help-to-buy-isa-6-things-you-might-not-know","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=63581","title":{"rendered":"News story: Help to Buy: ISA \u2013 6 things you might not know"},"content":{"rendered":"

Updated:<\/em> Updated to reflect the full list of Help to Buy: ISA providers<\/p>\n

\n

Several banks and building societies offer the Help to Buy: ISA<\/h2>\n

Barclays, Lloyds Banking Group, Nationwide, NatWest, Santander, and Virgin Money are amongst some of the banks and building societies that offer Help to Buy: ISAs.<\/p>\n

View a full list<\/a> of providers.<\/p>\n

You can put away up to \u00a3200 a month in a Help to Buy: ISA that the government will then top up by 25%, up to a maximum of \u00a33,000.<\/p>\n

In the first month you\u2019re also able to put away \u00a31,200 – that\u2019s an extra \u00a31,000 on top of the monthly maximum of \u00a3200.<\/p>\n

You can put up to \u00a3200 away in your Help to Buy: ISA per calendar month<\/h2>\n

So, if you open your account on the 8 September with \u00a31,200, you then won\u2019t be able to make a second deposit of up to \u00a3200 until the 1 October.<\/p>\n

You can make as many deposits as you want during the month as long as it doesn\u2019t equal more than \u00a3200. You can also take money out of your account if you need it, but your monthly allowance for deposits won\u2019t change.<\/p>\n

Your bonus funds must be used towards your property\u2019s completion<\/h2>\n

You can only claim your bonus funds when you are buying a home \u2013 and the money has to go towards the completion of your property, so you can\u2019t use it to pay your solicitor\u2019s, estate agent\u2019s fees or any other costs associated with buying a home.<\/p>\n

The interest you earn on the money in your account will count towards your government bonus<\/h2>\n

Your government bonus will be calculated based on the amount of money you have in your account when you close it. This includes both the money you have put away, and any interest you have earned on that money. You can have more than \u00a312,000 in your account, but, you won\u2019t receive a government bonus of more than \u00a33,000.<\/p>\n

When you are ready to purchase your first home your solicitor or conveyancer will apply for your bonus<\/h2>\n

When you find your home, your mortgage provider will ask you to hire a solicitor or conveyancer. They handle all of the legal aspects of buying your home.<\/p>\n

When you are close to finishing your home purchase, you will need to ask your bank or building society to close your Help to Buy: ISA. Don\u2019t just withdraw all of your money – let your bank or building society know that you are closing your account and they will give you a closing letter. You will need to take this letter to your solicitor or conveyancer so that they can apply for your government bonus.<\/p>\n

Your solicitor or conveyancer will then apply online for your government bonus to be transferred to them at a date of their choice.<\/p>\n

You need to apply for your bonus within 12 months of closing your account<\/h2>\n

You shouldn\u2019t close your Help to Buy: ISA unless you\u2019re in the process of buying a home \u2013 but if your home purchase doesn\u2019t go through after your solicitor or conveyancer has received your government bonus, you can re-open a Help to Buy: ISA.<\/p>\n

Your solicitor or conveyancer will give you a document (called a purchase failure notification) confirming your home purchase did not complete. If you take this to a bank or building society, they will open an account for you. At this point, you will be able to deposit your money as a lump sum. So, if you closed your Help to Buy: ISA with \u00a312,000 in it, you will be able to re-deposit \u00a312,000.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

If you\u2019re thinking about opening a Help to Buy: ISA, here\u2019s some useful information.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"_links":{"self":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/63581"}],"collection":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=63581"}],"version-history":[{"count":3,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/63581\/revisions"}],"predecessor-version":[{"id":71025,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/63581\/revisions\/71025"}],"wp:attachment":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=63581"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=63581"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=63581"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}