Help to buy ISA

[LouiseEH]

I used to have a Help to buy ISA a few years ago, but had to close it when I broke up with my ex as I needed the money to move into my own place.

My question is, can I open another one now?

I think the scheme is ending at the end of this month maybe?

Check with the H2B provider.
Would a LISA not be better, as long as you intend to buy your first home after at least waiting 12 months from opening it?

You had a H2B so what happened to the money in that - presuming it was not withdrawn to buy property.

The scheme is ending on the 30th this month and must be used by 1/12/2030

I had to withdraw the money and close the account as I had no income at the time

What’s a LISA?

As you withdrew, thus did not get the bonus, then I suspect you could apply again.

LISA = Lifetime ISA.
It is better than the H2B ISA because:
~ You get the bonus paid into the account shortly after you pay in the money. This means you can get interest paid on the bonus.
~ You can use it to buy your first home up to £450,000 value anywhere in the UK.

~ You can pay in up to £4,000 per tax year. Max bonus is £1,000 per tax year.
~ You can have a Stocks&Shares version of the LISA. Useful for if the money will be sitting in the account for 5+ years. Also useful if using the LISA for retirement savings.
~ You can use the LISA for saving for your retirement as well as saving for your first home. You can pay in up till age 50 and withdraw from age 60.

Negatives:
~ You have to hold the account for at least 12 months before buying your first home.
~ There are not that many Lifetime ISA providers - though this may change.

www.gov.uk/lifetime-isa

Another negative is that for Lifetime ISA you have to be aged 18-39 to open one.

Also if you need to withdraw money you pay for the privilege of doing do!
You have to 2030 to use your help to buy ISA so if you can open another before 30th Nov I would. Plus interest is better.