Who's got a help to buy ISA?? This is my opinion and experience of using mine and why I had to close it!! It's important to note this scheme is no longer available but I know so many of you wanted me to make this video so next up will be one on the LISA!! 🙌🏻
Think it’s important to make people aware that you can no longer get a help to buy ISA! It’s now only the LISA you can apply for, would love a video on this one though!
Unfortunately the HTB scheme is over now but really it is for people who can’t afford £250k + homes, like myself and for people like me there are no cons. I have my HTB ISA that I have put the £200 a month in and then any extra savings go in my standard ISA. What is the downside when you get free money for buying a home? I’m going to be getting £800 from the government via the HTB scheme which when you’re buying your first home and buying furniture and appliances is a HUGE help. I would say no matter how old you are, if you have a HTB ISA open and will be buying under the cap (which most FTB’s are) then keep saving and get on that property ladder before your ISA expires! 🎉
Great video! We used our Help To Buy ISA’s last year and it did benefit us as ours was under the cap. We decided in the January we were going to buy, started saving, and by the August we completed, the help to buy isa for us meant that we had an extra £1500 towards our deposit which isn’t much to some but free money! 😃 being as we did it so quickly we didn’t gain as much as we could have but it was still a nice little amount for us to gain 💖
We loved our HTB personally! Me & my husband started putting into them just after we got jobs. We bought a house last year and we were given nearly £5,000!! Amazing, free money. Bought 3 bed house in South West.
We are in the process of buying our first home, we have both had help to buy ISAs for 4 years and so will have about £4000 free from the government after exchange. It's been a great scheme for us but worth noting that the bonus amount can't be used for the deposit, it's given after everything has been exchanged. This would have been ok if banks were giving 10% deposit mortgages but due to good old covid, it's now a 15% deposit required. We are lucky as we have been slowly saving for 4 years, which might seem like a while but made it manageable whilst still enjoying life! Love your videos, always good variety and filled with excellent advice!
I’m 17 and I do have the Help To Buy ISA with Halifax and I do use the ISA. For me personally, property in the areas I would buy in are less than £250,000 so this ISA is perfect for me as depending on when my future solicitor sorts out the ISA for my deposit, the bonus will be used for the solicitors fees, which is an expense I will not have to worry about. I’d personally advice people who wish to use the Help To Buy to have another savings account and save more if possible.
I am pretty sure you can’t use the bonus for solicitors fee’s. I was really annoyed finding out about this! I’ve found the help to buy to be really misleading
@@georgiacooper2601 the bonus is paid after exchange but before completion so it reduces the balance you have to pay to complete which goes towards your deposit and the legal fees. I hope I've explained that properly.
I love my help to buy isa and have saved a big chunk. The interest rate on my savings is way more than any easy access savings account anyways ! So even if you don’t use it as a deposit you’ve earned more in interest x
Well I don’t think it’s a complete waste of time because the average isa still pays more than a premium bond. For example I’m still earning 2% on my help to buy whereas the premium bond is around 1.1%. The only difference is how much you can deposit per month. 🤷♀️
We have two help to buy ISA’s. We have one each so will both see the benefits when we buy as you can use both to buy a joint property! We’re into our second year and have put in £200 every month but if we want to put away any additional savings we do that in our regular savings accounts. We’re not yet ready to buy but plan on moving back towards home (Midlands) when we do so the £250k cap shouldn’t be an issue! I like that you’re not charged if you decide to take the money out as it means we could always change our minds with it if we wanted! X
For families of three or more, or if you’re looking within one or two hours of London, it may not be worthwhile. As a first-time buyer, we all seek properties that will meet our long-term needs, whether for work, family, or leisure. We’ve had an ISA for over four years, but we realized that properties priced over £250k are not eligible for first-time buyers. If the property you’re considering exceeds £250k outside London or £450k in London, it’s advisable to transfer your funds to a higher-interest savings account.
This is my story exactly. My solicitor highlighted to me when we were doing paperwork that I wouldn’t be able to use my HTB ISA as my property was over £250k. Had no idea at all up until this point ... very frustrating indeed. X
We had a help to buy ISA when we bought our first home and it was brilliant. I had been saving in it for years since I was a student and we live in Yorkshire so the property cap wasn't too much of an issue. It worked brilliantly for us but obviously not for everyone! It's sounds like the LISA is a good option now too
Me and my partner both each have a LISA. We absolutely love it! I love that you cannot take the money out without getting charged so it makes us more disciplined with how much we can realistically save without needing it. There is again a restriction to how much you can save per year however me and my partner just divided that amount by 12 months so we can fully maximise it. It works for us. Would definitely love a video on saving bonds. X
I used one to buy my first house, a two bed terrace new build for £160k in Somerset. It was a little bonus and at the time, Halifax offered 4% interest so it was a really good interest rate, did you not have one of these?
Same as you. This would not benefit me. We live in kent it’s expensive where we are and my partner is not a first time buyer. We don’t have money from a previous property to go on a house so we are at very beginning of this journey. But can I ask what acc/ bank did you to save the money in the end ? As I am currently looking and I know a isa is not for us. We have kids and need to save a big chunk every month to get there sooner. Any advice would be fab! Thank you x
I have a help to buy but soon realised it would take forever to save a decent amount for a house deposit. I opened up a LISA and it allows me to save so much more and the government incentive is much greater! I have kept my help to buy open just as a savings account but it is not the one for me😄
I have a help to buy isa but I am in my early 20's and don't have more than £200 to put in currently. I also live in North East Scotland so it's cheaper here somewhat😊 It is very interesting to see the other side though, I would love a video about the LISA because my circumstances may change and the help to buy is only open until 2029, and I may not be ready to purchase then x
My teenage sons started the help to buy age 16 and until they are finished school/uni I am paying in a monthly amount for them. It's a way I can help them save for their future. I didn't realise there was a price cap, but as we are in Scotland and they're young that won't be an issue.
We didn't bother opening one because it would have taken too long at £200 a month and when we were saving it seemed to be only for new builds. We knew we were probably looking towards an older house.
Hi Lara, would love to see a video about the LISAs as me and my partner are hoping to open one to save for a house in the next few years. 🤞🤞One thing I thought I should add is that I believe you are allowed the 25% bonus per first time buyer , so if you’re buying as a couple (both first time buyers) the Help to buy and lifetime isas do go a bit further.
It is silly because youd barely get a 2 bed flat for 250k where I am in the home counties, I've got a lisa so it's 450k but can only afford shared ownership on a working class salary anyway. Oh the joys 😅
I'd love a video on LISA please! I currently have a H2B ISA and it's great as a savings account as I know I'm not going to be touching it, but also, I'm able to save more than the max it allows me too and therefore I wouldn't know if the LISA would be better for me. It's nice getting some real life perspectives.
I was researching the help to buy isa and I knew it wasn’t for me. My Mortgage advisor did suggest it but I said what I didn’t like about it and knew I could save faster so just had a simple isa savings account.
I don't understand. It's free money? The interest rate is higher than for most other accounts so even though you can't save a lot in it if you are buying within the price caps (£250k outside of London and £450k inside) it's definitely worthwhile. You obviously need to save anything over the £200 per month in a different account. I bought in May 2018 in London and opened my Help to Buy ISA the month they were introduced (December 2015) I had the maximum it was possible to have (£6400 excluding interest) and I received just over £1700 free money which was paid directly to my solicitor from my bank after exchange but prior to completion.
Please don’t encourage people to put their money into premium bonds!! For people that are risk tolerant, investing at least a portion of their savings into a Stocks & Shares ISA, allocating their money into an index fund such as the S&P500 index, provides much greater returns. For people that are very risk averse, a high interest savings account / ISA with a company such as Marcus is on average a better return. Whilst past performance is not an indication of future returns, Over a long time (100+ years) historically the S&P 500 has provided about 7-10% return per year, current savings rates are about 1%. I recognise however that everyone’s situation is different and for some the security of knowing the money cannot go down is what’s most important. The rule of thumb I’ve heard is don’t invest anything you expect to spend in the next 5 years. I’m not a qualified financial advisor that can recommend based on particular circumstance, I am merely commenting what I have learnt through education at uni & online, and what applies best for me. I would recommend people to check out Graham Stephen on TH-cam if they’re into this sort of thing, he’s probably the biggest finance person on TH-cam and I’m sure will have videos outlining just how powerful index funds such as the S&P500 can be.
you would only be able to claim the bonus for a house on one of the accounts. But you could save for a house in the H2B and then your retirement in the LISA
@@Sd57ff6vgycuf The point of a LISA or HISA is to buy a first home so it shouldn't be rented out. Get a BTL mortgage if it's not for you to live in. That would be fraud tbh!!
I have a help to buy ISA account with Halifax if I want to get my mortgage with a different bank can I still use my help to buy account with Halifax? or will I have to get my moorage with Halifax because that's where my help to buy ISA account is? Appreciate if you can help 😊
If you have a help to buy isa to save for a house can you not have another normal savings account to also save for your house because of the cap or they don’t take from 2 accounts
Yes you can, I’m currently in the house buying process and they are going to take the deposit from the H2B ISA and my standard savings account. I was putting £200 into my H2B ISA and £400 in my standard savings each month which is how I saved my deposit a lot quicker!
heya, if the house you were going to buy is less than £450k (nationwide, not just london i believe) you could move the money into a LISA. The account has to be open at least a year to use it for a home (so depends on how quickly you think you'd move), but you could open it with £1 to get the clock ticking on that year it needs to be open. The max amount you can save and the gov bonus is higher (£4k) than the help to buy isa, but theres a hefty penalty for withdrawal so you'd just want to be 100% sure you'd use it and will buy a house (which sounds like you would)
@@LaraJoannaJarvis yeah we put the max amount in and we set up a standing order for £200 per month. It may have been slightly more than 12 months maybe 15? But it was great getting that bonus!
Not exactly a waste of time, you still saved £200 a month per account and got a better interest rate than practically any other savings account. Seems you would have saved the hassle of transferring it if you'd have done 5 minutes of research before opening your account.
Who's got a help to buy ISA?? This is my opinion and experience of using mine and why I had to close it!! It's important to note this scheme is no longer available but I know so many of you wanted me to make this video so next up will be one on the LISA!! 🙌🏻
Think it’s important to make people aware that you can no longer get a help to buy ISA! It’s now only the LISA you can apply for, would love a video on this one though!
Yes for sure, this is for people like me who have one and have been asking about if they should keep it!
Unfortunately the HTB scheme is over now but really it is for people who can’t afford £250k + homes, like myself and for people like me there are no cons. I have my HTB ISA that I have put the £200 a month in and then any extra savings go in my standard ISA. What is the downside when you get free money for buying a home? I’m going to be getting £800 from the government via the HTB scheme which when you’re buying your first home and buying furniture and appliances is a HUGE help. I would say no matter how old you are, if you have a HTB ISA open and will be buying under the cap (which most FTB’s are) then keep saving and get on that property ladder before your ISA expires! 🎉
What if the house is likely going to be over 250k a lot of homes are over this in loads of areas over the UK
Please can we see a premium bonds video? 🙂
I have a LISA and it’s so much better than the help to buy! Although you can’t actually apply for a help to buy anymore xxx
It’s worth noting you can transfer a help to buy to a lifetime ISA and the purchase price for that is up to £450k.
Great video! We used our Help To Buy ISA’s last year and it did benefit us as ours was under the cap. We decided in the January we were going to buy, started saving, and by the August we completed, the help to buy isa for us meant that we had an extra £1500 towards our deposit which isn’t much to some but free money! 😃 being as we did it so quickly we didn’t gain as much as we could have but it was still a nice little amount for us to gain 💖
We loved our HTB personally! Me & my husband started putting into them just after we got jobs. We bought a house last year and we were given nearly £5,000!! Amazing, free money. Bought 3 bed house in South West.
We are in the process of buying our first home, we have both had help to buy ISAs for 4 years and so will have about £4000 free from the government after exchange. It's been a great scheme for us but worth noting that the bonus amount can't be used for the deposit, it's given after everything has been exchanged. This would have been ok if banks were giving 10% deposit mortgages but due to good old covid, it's now a 15% deposit required. We are lucky as we have been slowly saving for 4 years, which might seem like a while but made it manageable whilst still enjoying life! Love your videos, always good variety and filled with excellent advice!
I’m 17 and I do have the Help To Buy ISA with Halifax and I do use the ISA. For me personally, property in the areas I would buy in are less than £250,000 so this ISA is perfect for me as depending on when my future solicitor sorts out the ISA for my deposit, the bonus will be used for the solicitors fees, which is an expense I will not have to worry about. I’d personally advice people who wish to use the Help To Buy to have another savings account and save more if possible.
17!!! You are my people! Wish I was as savvy as you are when I was your age. Well done. Definitely a great scheme for your needs and requirements 👌🏻
I am pretty sure you can’t use the bonus for solicitors fee’s. I was really annoyed finding out about this! I’ve found the help to buy to be really misleading
@@georgiacooper2601 the bonus is paid after exchange but before completion so it reduces the balance you have to pay to complete which goes towards your deposit and the legal fees. I hope I've explained that properly.
I love my help to buy isa and have saved a big chunk. The interest rate on my savings is way more than any easy access savings account anyways ! So even if you don’t use it as a deposit you’ve earned more in interest x
I agree, exactly what I’m using it for 😊
Well I don’t think it’s a complete waste of time because the average isa still pays more than a premium bond. For example I’m still earning 2% on my help to buy whereas the premium bond is around 1.1%. The only difference is how much you can deposit per month. 🤷♀️
We have two help to buy ISA’s. We have one each so will both see the benefits when we buy as you can use both to buy a joint property! We’re into our second year and have put in £200 every month but if we want to put away any additional savings we do that in our regular savings accounts. We’re not yet ready to buy but plan on moving back towards home (Midlands) when we do so the £250k cap shouldn’t be an issue! I like that you’re not charged if you decide to take the money out as it means we could always change our minds with it if we wanted! X
I would love a video on premium bonds please. I have a help to buy isa but wont be using it on a house due to the price cap.
For families of three or more, or if you’re looking within one or two hours of London, it may not be worthwhile.
As a first-time buyer, we all seek properties that will meet our long-term needs, whether for work, family, or leisure.
We’ve had an ISA for over four years, but we realized that properties priced over £250k are not eligible for first-time buyers.
If the property you’re considering exceeds £250k outside London or £450k in London, it’s advisable to transfer your funds to a higher-interest savings account.
I’m from the US and just bought a house. Here we have something called the VA Loan. It’s for Military Veterans. It’s a good deal!
This is my story exactly. My solicitor highlighted to me when we were doing paperwork that I wouldn’t be able to use my HTB ISA as my property was over £250k. Had no idea at all up until this point ... very frustrating indeed. X
Glad I'm not the only one although sorry that happened to you too!! X
We had a help to buy ISA when we bought our first home and it was brilliant. I had been saving in it for years since I was a student and we live in Yorkshire so the property cap wasn't too much of an issue. It worked brilliantly for us but obviously not for everyone! It's sounds like the LISA is a good option now too
The Help to buy ISA helped both my daughters the amount they got back helped with Solicitor's fees which was a saving
Me and my partner both each have a LISA. We absolutely love it! I love that you cannot take the money out without getting charged so it makes us more disciplined with how much we can realistically save without needing it. There is again a restriction to how much you can save per year however me and my partner just divided that amount by 12 months so we can fully maximise it. It works for us. Would definitely love a video on saving bonds. X
I used one to buy my first house, a two bed terrace new build for £160k in Somerset. It was a little bonus and at the time, Halifax offered 4% interest so it was a really good interest rate, did you not have one of these?
Same as you. This would not benefit me. We live in kent it’s expensive where we are and my partner is not a first time buyer. We don’t have money from a previous property to go on a house so we are at very beginning of this journey. But can I ask what acc/ bank did you to save the money in the end ? As I am currently looking and I know a isa is not for us. We have kids and need to save a big chunk every month to get there sooner. Any advice would be fab! Thank you x
I have a help to buy but soon realised it would take forever to save a decent amount for a house deposit. I opened up a LISA and it allows me to save so much more and the government incentive is much greater! I have kept my help to buy open just as a savings account but it is not the one for me😄
I have a help to buy isa but I am in my early 20's and don't have more than £200 to put in currently. I also live in North East Scotland so it's cheaper here somewhat😊 It is very interesting to see the other side though, I would love a video about the LISA because my circumstances may change and the help to buy is only open until 2029, and I may not be ready to purchase then x
My teenage sons started the help to buy age 16 and until they are finished school/uni I am paying in a monthly amount for them. It's a way I can help them save for their future. I didn't realise there was a price cap, but as we are in Scotland and they're young that won't be an issue.
We didn't bother opening one because it would have taken too long at £200 a month and when we were saving it seemed to be only for new builds. We knew we were probably looking towards an older house.
I just closed my HTB Isa and I got less money than what was in there; I had 3.7k in there but I got 3.1k. How is that possible?
Hi Lara, would love to see a video about the LISAs as me and my partner are hoping to open one to save for a house in the next few years. 🤞🤞One thing I thought I should add is that I believe you are allowed the 25% bonus per first time buyer , so if you’re buying as a couple (both first time buyers) the Help to buy and lifetime isas do go a bit further.
Premium bonds and LISA pros and cons video would be amazing!
A video on premium bonds would be really helpful please 😀
It is silly because youd barely get a 2 bed flat for 250k where I am in the home counties, I've got a lisa so it's 450k but can only afford shared ownership on a working class salary anyway. Oh the joys 😅
I'd love a video on LISA please! I currently have a H2B ISA and it's great as a savings account as I know I'm not going to be touching it, but also, I'm able to save more than the max it allows me too and therefore I wouldn't know if the LISA would be better for me. It's nice getting some real life perspectives.
Great if you’ve already got one but not available anymore since last November.🤔
No Absolutely, this was more for people like me who had one 👌🏻
A few trips not gone on would be the deposit. Spend the money how you want to spend it.
yes please to the other investments video xx
What if we save over £12,000 what do we do then??
I was researching the help to buy isa and I knew it wasn’t for me. My Mortgage advisor did suggest it but I said what I didn’t like about it and knew I could save faster so just had a simple isa savings account.
I don't understand. It's free money? The interest rate is higher than for most other accounts so even though you can't save a lot in it if you are buying within the price caps (£250k outside of London and £450k inside) it's definitely worthwhile. You obviously need to save anything over the £200 per month in a different account. I bought in May 2018 in London and opened my Help to Buy ISA the month they were introduced (December 2015) I had the maximum it was possible to have (£6400 excluding interest) and I received just over £1700 free money which was paid directly to my solicitor from my bank after exchange but prior to completion.
Please don’t encourage people to put their money into premium bonds!!
For people that are risk tolerant, investing at least a portion of their savings into a Stocks & Shares ISA, allocating their money into an index fund such as the S&P500 index, provides much greater returns.
For people that are very risk averse, a high interest savings account / ISA with a company such as Marcus is on average a better return.
Whilst past performance is not an indication of future returns, Over a long time (100+ years) historically the S&P 500 has provided about 7-10% return per year, current savings rates are about 1%.
I recognise however that everyone’s situation is different and for some the security of knowing the money cannot go down is what’s most important. The rule of thumb I’ve heard is don’t invest anything you expect to spend in the next 5 years.
I’m not a qualified financial advisor that can recommend based on particular circumstance, I am merely commenting what I have learnt through education at uni & online, and what applies best for me. I would recommend people to check out Graham Stephen on TH-cam if they’re into this sort of thing, he’s probably the biggest finance person on TH-cam and I’m sure will have videos outlining just how powerful index funds such as the S&P500 can be.
yes please to a video on premium bonds xx
Please do a video on Lifetime ISA’s :)
I've opened a lisa now unsure if I should close my h2b isa and transfer the funds. Buying in the Midlands so 250 is good for me
you would only be able to claim the bonus for a house on one of the accounts. But you could save for a house in the H2B and then your retirement in the LISA
Love the videos, Would love to see a video on premium bonds! X
Would love a premium bond video xx
I stopped my lisa because you can't rent the home out, so many other restrictive things. I will save on the side and budget myself thank you 😂
How are they going to know if you rent it out 6 months on?
@@Sd57ff6vgycuf The point of a LISA or HISA is to buy a first home so it shouldn't be rented out. Get a BTL mortgage if it's not for you to live in. That would be fraud tbh!!
Would love to see a video about LISA accounts! 😊
Great video! The property value cap is the reason I didn’t go for one either xx
I have a help to buy ISA account with Halifax if I want to get my mortgage with a different bank can I still use my help to buy account with Halifax? or will I have to get my moorage with Halifax because that's where my help to buy ISA account is? Appreciate if you can help 😊
If you have a help to buy isa to save for a house can you not have another normal savings account to also save for your house because of the cap or they don’t take from 2 accounts
Yes you can, I’m currently in the house buying process and they are going to take the deposit from the H2B ISA and my standard savings account. I was putting £200 into my H2B ISA and £400 in my standard savings each month which is how I saved my deposit a lot quicker!
New subscriber, would like to see a premium bonds video x
And you don't actually recieve the money it goes to your solicitor to go to the seller. It can't be used as a deposit either
The lifetime ISA is so much better in my opinion for first time buyers!
heya, if the house you were going to buy is less than £450k (nationwide, not just london i believe) you could move the money into a LISA. The account has to be open at least a year to use it for a home (so depends on how quickly you think you'd move), but you could open it with £1 to get the clock ticking on that year it needs to be open. The max amount you can save and the gov bonus is higher (£4k) than the help to buy isa, but theres a hefty penalty for withdrawal so you'd just want to be 100% sure you'd use it and will buy a house (which sounds like you would)
£4k per year that is^
also as Lisa are attached to the person I think you and your partner could get one, doubling the bonus in effect
Premium Bonds video please Xx
Also you can’t own another house with it which I think is wrong
Did you get chargered a fee when closing your help to buy
No x
Great thank you!
Myself and my husband had a help to buy isa for a year and we got £1800 free from the gov x
Wow, would love to know how this works! I take if you did the £1200 initial and then £200 for a 11 months?
@@LaraJoannaJarvis yeah we put the max amount in and we set up a standing order for £200 per month. It may have been slightly more than 12 months maybe 15? But it was great getting that bonus!
They have just scrapped the help to buy isa, but if it was open already then it is valid till 2029 I believe x
Not exactly a waste of time, you still saved £200 a month per account and got a better interest rate than practically any other savings account.
Seems you would have saved the hassle of transferring it if you'd have done 5 minutes of research before opening your account.
I’d be buying in or around Southampton x
Tomorrow Is Monday, Lara.
Yes it is! Hope you have a wonderful week ahead, Amanda!
We’re buying in Birmingham
Your highlight though! 💕
Ha!! Good old revolution!! So much better than my hourglass one!! X
Lara Joanna Jarvis no way! 😵 that’s definitely a win! 😃 x
@@rebeccawood9512 defo!! Maybe I should do a dupes video!!
Lara Joanna Jarvis Id definitely watch it, I think it would go down super well 😃 x
Must be the most gorgeous comment section on TH-cam look at all these beautiful ladies below 👇😂
Basically you closed your ISA because you didn't read the T&C before opening the account. This video is a waste of time.
Designed to stop people making the same mistakes as I did before I understood it as much. Thanks for watching!
I wish I'd have set mine up earlier mines a bit redundant now too if I want to buy soon