Help to buy ISA

[Island mamma]

We are considering opening a help to buy ISA for DS1's 18th birthday. Planning to start it off for him with a lump sum so that we can keep adding as and when and he can add to it himself when able. Will also need to do similar for DS2 when he is old enough. Has anybody done this and can you recommend a provider?

[COL41]

There was quite a bit about this on the Martin Lewis programme last week. Might be worth seeing if it’s on catch up

[Oliver123]

I have it with virgin money. Interest paid monthly so I can watch it build up.
I would recommend a lifetime ISA though as you can put more money into it per year (£4000) compared to £2400 (£3600 in first year) for a h2b

[Tinkerbell 1]

DD one up with Nationwide with the money she received for her 18th. It was easy as she has her current and savings account with them so it’s easy to manage on the app.

[Mel49]

Another vote for Nationwide as they normally have competitive First Time Buyer Mortgages too when that time comes.
DS (22) opened one and I transferred the initial £1200 and then £200 a month from savings I have for when he hopefully buys a house and his GF has opened one too. If the scheme is still in place when they are 18 I will do the same for our other 2 kids. The only downside is that DS has control of the account which he didn't have before but he has been warned that if he dips into it then it's gone and won't be replaced but to be fair he is quite good with money.

[sophiepop]

We ould like to start one of these for our Daughter. She is 17 in May so she can't have the LISA yet and the last day of transferring a H2B to a LISA is this year. Can she have both and use them both as a deposit for a house when the time comes?

[lolalolo86]

I'm not sure regards the ISA as when we saved for our deposit we used the Help to Buy general savings account not an ISA and that was with Nationwide. I can recommend them a lot. They have been nothing but helpful from start to completion. We saved for 3 years and then took out our mortgage with them. On completion we recieved £1000 cash back for saving with them and £500 for something else (cant quite remember what but some other incentive). The staff are always great and really helpful when the time comes to buying a house etc.

[Oliver123]

Originally Posted by sophiepop

We ould like to start one of these for our Daughter. She is 17 in May so she can't have the LISA yet and the last day of transferring a H2B to a LISA is this year. Can she have both and use them both as a deposit for a house when the time comes?

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She can have both but only one can be used to buy a house I would wait for the LISA when she turns 18 in May next year and start then personally.

[sophiepop]

Originally Posted by Oliver123

She can have both but only one can be used to buy a house I would wait for the LISA when she turns 18 in May next year and start then personally.

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Thanks for your help