renting til I die Posted March 18, 2015 Share Posted March 18, 2015 Nope. They only hand over the 'bonus' when you buy. Have you a link to the details? This brings up so many questions for me! My head is spinning! Just when I thought Osborne couldn't surprise me anymore! Quote Link to comment Share on other sites More sharing options...
R K Posted March 18, 2015 Author Share Posted March 18, 2015 Nope. They only hand over the 'bonus' when you buy. Directly to the builder or briefly via the punter/mark? Quote Link to comment Share on other sites More sharing options...
Democorruptcy Posted March 18, 2015 Share Posted March 18, 2015 It's definitely done the job from a sentiment point of view. Especially as so many HPCers have got so annoyed about such a messy scheme for a piddling amount in relation to the cost of a house. Seems like an added problem on completion day for anyone who uses it. Funds from one account, funds from your Help to Bail Banks ISA, has the Governbankment added the £3k in time? Go long "SSTC to back on the market" to increase? Quote Link to comment Share on other sites More sharing options...
R K Posted March 18, 2015 Author Share Posted March 18, 2015 Are Bulgarians, Romanians and other people who came to the country in the last 6 months eligible ? Are you a first time buyer? Quote Link to comment Share on other sites More sharing options...
Guest Posted March 18, 2015 Share Posted March 18, 2015 So: You give up your normal ISA allowance to save into this scheme. You can only save £200 a month, or £2400/year. It takes four years and seven months to earn the full bonus (just in time for the 2020 election!). With your 15k, you'll need a 94% mortgage on a 250k house (remember you'll be 5 years older), or a 96.66% mortgage on the £450k London house. Does it actually make sense for anyone with a hope of buying a house? The £600/year bonus is more than you'd get in interest on your normal ISA, but in return you allow future chancellors to more easily tax the rest of your savings. If you only have £200 a month to save, can you really hope to buy a house in the current environment, anyway? If you have more, why give up your proper ISA? And once the scheme matures at the next election there'll be a lot of pissed off voters who find that £15k doesn't buy them anything, anyway. Quote Link to comment Share on other sites More sharing options...
Guest Posted March 18, 2015 Share Posted March 18, 2015 https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/413899/Help_to_Buy_ISA_Guidance.pdf Quote Link to comment Share on other sites More sharing options...
renting til I die Posted March 18, 2015 Share Posted March 18, 2015 Have you ever tried communicating with your MP ? All they have done when I have is toe the party line and pretty much do nothing. I've said it before and will say it again...best option is to leave. They will obviously stop at nothing now. They wont make the cuts, they wont rais rates, they will take everything off of you to keep the bankers going Show me the list of MPs out there complaining about the housing pyramid and the banker give aways ? Yes I have. I've written to him (Labour) about high house prices and high rents! He said that he supports my point of view and Labour has a commitment to help people in my circumstances (I read that as more HTB)! I think I'll be joining you in saying goodbye to the UK at some point! Quote Link to comment Share on other sites More sharing options...
zugzwang Posted March 18, 2015 Share Posted March 18, 2015 The ONS is now forecasting a slightly slower ramp up in household debt than last December. 'Help to Buy 3' effect? Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 18, 2015 Share Posted March 18, 2015 Yes I have. I've written to him (Labour) about high house prices and high rents! He said that he supports my point of view and Labour has a commitment to help people in my circumstances (I read that as more HTB)! I think I'll be joining you in saying goodbye to the UK at some point! I think we should all go £3K bonus...if people weren't so f**king stupid they could negotiate that away in a blink of an eye. I expected that £3K bottom tier prop to push prices up £50K at the top of the market. They are clearly targeting the bottom of the pyramid because they know without it there is no housing market and therefore no tax free unearned equity for the rich/old voters. It's so transparent. I hope he get ***ing slated for it. He should have resigned when it turned out he was fighting for allow bankers bonuses in the euorpean courts using tax payers money, says it all really. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 18, 2015 Share Posted March 18, 2015 (edited) The ONS is now forecasting a slightly slower ramp up in household debt than last December. 'Help to Buy 3' effect? So the debt levels that were unsupportable in 2007, albeit with higher interest rates, will have been surpassed....where the money saved with the lower interest rates has been obliterated by tthe massive rise in the cost of living. I do wonder what is coming next. Edited March 18, 2015 by TheCountOfNowhere Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 18, 2015 Share Posted March 18, 2015 So: You give up your normal ISA allowance to save into this scheme. You can only save £200 a month, or £2400/year. It takes four years and seven months to earn the full bonus (just in time for the 2020 election!). With your 15k, you'll need a 94% mortgage on a 250k house (remember you'll be 5 years older), or a 96.66% mortgage on the £450k London house. Does it actually make sense for anyone with a hope of buying a house? The £600/year bonus is more than you'd get in interest on your normal ISA, but in return you allow future chancellors to more easily tax the rest of your savings. If you only have £200 a month to save, can you really hope to buy a house in the current environment, anyway? If you have more, why give up your proper ISA? And once the scheme matures at the next election there'll be a lot of pissed off voters who find that £15k doesn't buy them anything, anyway. By then £15K will probably buy you a house in London. Quote Link to comment Share on other sites More sharing options...
65243 Posted March 18, 2015 Share Posted March 18, 2015 Frankly I am absolutely furious http://www.independent.co.uk/news/uk/politics/budget-2015--housing-deposit-subsidies-osbornes-giveaways-aim-to-outflank-labour-10116785.html Quote Link to comment Share on other sites More sharing options...
long time lurking Posted March 18, 2015 Share Posted March 18, 2015 £3K in five years will do sweet FA it`s a look we are doing something to help you get out of that garden shed in half a decade's time sort of bribe ....are there really people out there that are dumb enough to fall for this Quote Link to comment Share on other sites More sharing options...
BlueRat Posted March 18, 2015 Share Posted March 18, 2015 The problem is this sort of duplicitous sh1t works on a lot of people. Help to Buy IsaAs a further attempt to help people save a deposit to buy a home, a "Help to Buy" Isa will be created. Within this, the government will add a further 25% to whatever is contributed by a saver. So if someone pays in £12,000, a further £3,000 will be added by the taxpayer. "A 25% top-up is equivalent to saving for a deposit from your pre-tax income - it's effectively a tax cut for first-time buyers," said the chancellor. Taxpayers directly subsidising the ponzi. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 18, 2015 Share Posted March 18, 2015 £3K in five years will do sweet FA it`s a look we are doing something to help you get out of that garden shed in half a decade's time sort of bribe ....are there really people out there that are dumb enough to fall for this £3K would buy a house in bulgaria...cant we just sent FTBers Osborne there ? Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 18, 2015 Share Posted March 18, 2015 The problem is this sort of duplicitous sh1t works on a lot of people. Taxpayers directly subsidising the ponzi. Have house prices just went up £10K on average ? Nice little boost for the tax payers coffers there...Nice little boost to the pre-election index...Nice little nail in the countries coffin. Quote Link to comment Share on other sites More sharing options...
happyrichie Posted March 18, 2015 Share Posted March 18, 2015 if i drop 1k on opening and £200 a month it will take 55 months, 4 and 1/2 years to get the maximum £3000 benefit from that policy and their is no quicker way to get it and its only like 1.4% discount on an averaged priced house, over 4 1/2 years for an average discount of 1.4%, ouch Quote Link to comment Share on other sites More sharing options...
renting til I die Posted March 18, 2015 Share Posted March 18, 2015 https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/413899/Help_to_Buy_ISA_Guidance.pdf Thanks. Now that I have read the details and gotten my head around it all, I completely agree with Democorruptcy. The scheme is entirely designed to drive and increase sentiment. It is a piddling amount of money with many hoops to jump through to try and claim it. The maximum a couple could hope to get would be £6000. Not going to make a blind bit of difference to the SE Ponzi scheme, although it might light a rocket to cheaper parts of the country! Seems the Torys have a target of not letting average house prices slip under magic figure of £250000! I'm not interested anymore. This has simply increased my desire to leave the UK. I have 3 years of studying left and then, if this madness hasn't ceased, I will be job hunting in sunnier climes! Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 18, 2015 Share Posted March 18, 2015 if i drop 1k on opening and £200 a month it will take 55 months, 4 and 1/2 years to get the maximum £3000 benefit from that policy and their is no quicker way to get it and its only like 1.4% discount on an averaged priced house, over 4 1/2 years for an average discount of 1.4%, ouch But with prices going up 30% a year then you would be better selling your granny into a Bulgarian prostitute ring and buying now now now...before you miss out. BUY NOW. DO It. BUY, BUY., BUY. BYE BYE. Quote Link to comment Share on other sites More sharing options...
renting til I die Posted March 18, 2015 Share Posted March 18, 2015 if i drop 1k on opening and £200 a month it will take 55 months, 4 and 1/2 years to get the maximum £3000 benefit from that policy and their is no quicker way to get it and its only like 1.4% discount on an averaged priced house, over 4 1/2 years for an average discount of 1.4%, ouch Yep, I did the maths and that's when I calmed down! Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 18, 2015 Share Posted March 18, 2015 Thanks. Now that I have read the details and gotten my head around it all, I completely agree with Democorruptcy. The scheme is entirely designed to drive and increase sentiment. It is a piddling amount of money with many hoops to jump through to try and claim it. The maximum a couple could hope to get would be £6000. Not going to make a blind bit of difference to the SE Ponzi scheme, although it might light a rocket to cheaper parts of the country! Seems the Torys have a target of not letting average house prices slip under magic figure of £250000! I'm not interested anymore. This has simply increased my desire to leave the UK. I have 3 years of studying left and then, if this madness hasn't ceased, I will be job hunting in sunnier climes! Good man. One less member of the ponzi brigade. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 18, 2015 Share Posted March 18, 2015 (edited) Yep, I did the maths and that's when I calmed down! Nothing is going to calm me down today, Im just glad im not watch the BBc anywhere, it's not the done thing to rip a TV off the wall and throw it out the window. Should have expected it I guess but I thought they would leave well alone this close to the election. Maybe they just dont understand the one simple fact that house prices are insane and need to come down. Edited March 18, 2015 by TheCountOfNowhere Quote Link to comment Share on other sites More sharing options...
R K Posted March 18, 2015 Author Share Posted March 18, 2015 £3K in five years will do sweet FA it`s a look we are doing something to help you get out of that garden shed in half a decade's time sort of bribe ....are there really people out there that are dumb enough to fall for this Well it is still £6k for a couple and not every FTBer lives in London. It benefits buyers of lower value homes more as a %. In some ways if it encourages saving for a higher deposit which can unlock a lower ltv and thus a lower int. rate that is a good thing. Sadly, nominal house prices will be higher by more than that in 5 years time anyway but that would be the case without it too. Main issue is it wont dramatically increase new building supply which is the most pressing problem. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 18, 2015 Share Posted March 18, 2015 (edited) Well it is still £6k for a couple and not every FTBer lives in London. It benefits buyers of lower value homes more as a %. In some ways if it encourages saving for a higher deposit which can unlock a lower ltv and thus a lower int. rate that is a good thing. Sadly, nominal house prices will be higher by more than that in 5 years time anyway but that would be the case without it too. Main issue is it wont dramatically increase new building supply which is the most pressing problem. If you read the report , they say it's to support FTBs buying a hous ein London up to £450K or £250K outside london. What f**king planet are they on. rich spoilt out of touch babies with no idea what the real world is like, hell bent on supporting the only "economy" they have ever know, if you ask me. Edited March 18, 2015 by TheCountOfNowhere Quote Link to comment Share on other sites More sharing options...
outdriveman Posted March 18, 2015 Share Posted March 18, 2015 I don't think this will have much effect, and you can bet this will only be towards new builds. The changes in annuity will pose the biggest threat. All the instant money available to dump into BTL. Ultimately it's all fast money looking for a return and is driven by sentiment.When Prime central London's drops start rippling out they will be looking for a different investment. I think we are still on for significant drops in the next 24 months Quote Link to comment Share on other sites More sharing options...
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