Help to Buy: ISA - Terms & Conditions

Help_To_Buy_LogoSpecific Terms and Conditions for Help to Buy: ISA

1 - ISA Regulations
1.1 Accounts are issued subject to the detailed Rules contained in 'The Individual Savings Account Regulations 1998', as particularly amended by the Individual Savings Account (Amendments) Regulations 2015, or as otherwise amended from time to time ('The Regulations').

1.2 Your Help to Buy: ISA investment must be and must remain in your beneficial ownership, it must not be used as security for a loan. We will notify you if, by reason of any failure to satisfy the provisions of the ISA Regulations, your Help to Buy: ISA has, or will, become void.

1.3 The maximum investment you can make to your Help to Buy: ISA in any one tax year must not exceed the annual cash limit specified in the 'Regulations'.

1.4 We will satisfy ourselves that any person to whom we delegate any of our functions or responsibilities under the terms agreed with you is competent to carry out those functions and responsibilities.

2 - Account Opening
To save into a Help to Buy: ISA, you must:

  • Be aged 16 or over (please note you must be aged 18 or over to be considered for a mortgage).
  • Have a valid National Insurance Number.
  • Be resident in the UK for tax purposes or if not resident, either perform duties which are treated as being performed in the United Kingdom in accordance with the Income Tax (Earnings & pensions) Act 2003, or be married to, or in a civil partnership with such a person.
  • Not have already subscribed to another Cash ISA in the current tax year.
  • Only subscribe to one Help to Buy: ISA at any time.
  • Agree that in subscribing to this account, and when making future deposits, you will not exceed your current years ISA allowance.    
  • Not own, or ever have owned any interest in land in or outside the UK which includes a building that can be used as a place of residence (this means that you must not have owned in full, or a share of a house previously). For details of these requirements, please refer to the Scheme Rules and the Society’s literature.
  • Have not received a bonus as part of the Help to Buy: ISA Scheme, unless that bonus has been repaid by the administrator appointed by the Government in the event that your home purchase falls through.   
  • Be looking to purchase a house where the value of the property must not exceed £250,000 outside London, or £450,000 within London.
  • Accounts may be opened with a subscription (for ‘Eligible’ customers as defined in the Scheme Rules). You agree that in subscribing to this account, and when making future deposits, you will not exceed your current years ISA allowance.
  • Saving in a Help to Buy: ISA does not qualify you for any other product or service or any other Help to Buy Scheme. 
3 - Investment Limits
  • There is no minimum monthly investment amount. The maximum investment must not exceed the Help to Buy: ISA permitted monthly subscription which is currently £200 per month. Any additional funds received over the Help to Buy: ISA subscription limit will be returned by cheque or faster payment if the payment was received electronically. 
  • In the first calendar month that you pay money into your Help to Buy: ISA, you have up to the end of that month to deposit the current limit of up to a maximum of £1,200.
  • If you transfer-in your Help to Buy: ISA subscription to Monmouthshire Building Society during the first month of account opening from another Help to Buy: ISA provider, you have up to the end of that month to deposit the maximum first months subscription limit of £1,200.
  • If you transfer-in to Monmouthshire Building Society after the first calendar month of account opening you can deposit up to the maximum monthly subscription limit of £200.
4 - Further Investment
  • You may add to your savings at any time subject to the maximum permitted calendar monthly subscription (which is currently £200 per month), just call into your local branch or agency with your passbook and deposit. If it is more convenient you can post the deposit or save through a standing order/electronic payment from your bank account. We do not accept transfers of ISA funds from other ISA managers (including those with Monmouthshire Building Society Cash ISA accounts) to to pay monthly subscriptions. We will however accept the transfer-in of funds from a Help to Buy: ISA from another ISA provider.
  • Once funds have been added to your account they count towards that month’s maximum deposit even if you withdraw them. You can only deposit them again if you have not used all that months’ maximum deposit. 
  • Transfers-In from other ISA providers (including ISA accounts held at Monmouthshire Building Society) are not permitted unless the transfer is from a Help to Buy: ISA account from another ISA provider.   
  • Payments into the account must not cause you to exceed your current years ISA allowance. In the event of the death of the account holder, no further deposits can be made into the account and tax exemption will end.
5 – Cancellation
There is a 14 day ‘cooling off’ period if you subsequently feel that the account does not meet with your requirements.  Any monies received within this period will not count towards your ISA allowance and will be returned with interest paid tax free. If you choose to close your Monmouthshire Building Society Help to Buy: ISA after the cancellation period, all deposits made into the account before closure will count towards your current tax year’s ISA allowance and cannot be reinvested.  
 
6 - Withdrawals
  • You can withdraw available funds from your account without notice, charge or loss of interest.  For the account to remain open, there is a minimum balance of £1 required.  
  • Please note that you will only be able to pay back into your Help to Buy: ISA up to the monthly subscription allowance and by making withdrawals, you may reduce or take longer to achieve the amount you wish to save. Furthermore, you cannot claim any Help to Buy: ISA Government bonus on the funds you withdraw.   
  • Withdrawals are subject to the limits of the branch or agency you use. Details of our current withdrawal limits are displayed in branch and agency offices and are available from our website or on request from our Head Office.
  • You can also make withdrawals by electronic transfer using the 'My Accounts' system at www.monbs.com. Online withdrawals using the 'My Accounts' system are subject to further terms and conditions which are available at www.monbs.com.
7 – Closure of your account
  • If you are transferring your Help to Buy: ISA to another provider, you must transfer the entire balance and close your account. If you no longer meet the account eligibility criteria or you break any of the Scheme Rules, we reserve the right to close your account. You will be given 30 days’ notice of any such action.  
  • If you are eligible to claim a Government bonus, when you are ready to purchase your property you must close your Help to Buy: ISA. You will then be provided with the closing statement within 7 days of closure to give to your conveyancer to claim the bonus. 
  • If you transfer all of the money to another ISA which is not a Help to Buy: ISA (either with us or to another provider), we will treat this as your request to close the account. 
  • If you close your Help to Buy: ISA but you fail to purchase a property, your conveyancer will give you a Purchase Failure Notice. If within 12 months of closing your Help to Buy: ISA, you give us a Purchase Failure Notice, we will allow you to open another Help to Buy: ISA provided we offer a suitable account and you are eligible for it. Subject to the Scheme Rules, you will be allowed to deposit an amount up to the balance of the Help to Buy: ISA when it was closed. 
8 – Ending the Help to Buy: ISA Scheme
The bonus under the Help to Buy: ISA Scheme is paid by the Government (based on eligibility – please see the Scheme Rules for further information). Subject to the Scheme Rules, the Government may vary or withdraw the scheme at any time.

9 - Interest
  • Interest is variable and calculated on a daily basis. Provided the account complies with the 'Regulations' all interest arising will be free of UK taxation. The taxation of ISAs can be changed at any time without notice. 
  • Interest can be credited to your account or paid annually into a suitable bank account (or other suitable Society account) following the close of business on 31 March each year. Any interest paid to another account will not be included in the total when you close your account and claim the Government bonus. 
  • Interest paid into the account does not count towards the maximum monthly deposit. 
10 - Terms and Conditions
These Specific Terms and Conditions apply to this account in addition to our General Terms & Conditions for Savings Accounts. Where there is any inconsistency between the General Terms & Conditions for Savings Accounts and the Specific Terms and Conditions, the Specific Terms and Conditions will apply.


 
 


Privacy & Cookies

We use cookies on this website to help make your experience of this website better. In compliance with changes to EU cookie legislation, and to control and remove cookies, please view our Privacy & Cookie policy. Please note, by continuing on this site you are agreeing for cookies to be placed on your computer.

I accept

This notice should only appear the first time you visit the site.