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giesahoose

Help To Buy Isa

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Hope everyone opened one of these if you want to buy your first home in the next few years. 25% bonus from the govt isn't to be sneezed at.

P.s. I am against these kinda of crutches to the market but since I've paid for them all this is the only thing I've ever been eligible for.

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Do you have to spend the money on a property at the end of it? Or can you just enjoy the interest rate?

If you have to spend the money on a property, then is this model going to go further? Will there be 'help to buy' lottery tickets, pensions and dentists? Is there anything which could remain immune from the Great Cult of the Property Market?

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You can use it just for the interest, if you buy a house the government give you 25% of the total as a bonus.

1200 first month, 200 each month afterwards max.

Just saw an advert for it on channel 4 from the government, it's like the twilight zone. Why is the govt advertising to encourage people to buy houses?

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You have got nothing to lose by opening one - rates are higher than other cash isas. You can keep it going forever (2030 anyway) or until you buy a home which ever comes sooner. But most people now are better off using high interest current accounts and regular savers then cash isas from April given the new interest tax free limits.

The only problem is it's restricted to homes costing less than £250k outside London - which makes it almost worthless in parts of the southeast. And of course you must take a mortgage out - cash buyers cannot use the scheme.

If prices fall and you buy the £3k helps and if they don't and you never do then at least you get the interest.

Edited by MARTINX9

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I'm just highlighting it to the forum users, no point on missing out on the cash.

All it will do is increase prices, the negative side effects will occur wither you have the 3k in your pocket or not. I'd rather have the 3 k

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You can use it just for the interest, if you buy a house the government give you 25% of the total as a bonus.

1200 first month, 200 each month afterwards max.

Just saw an advert for it on channel 4 from the government, it's like the twilight zone. Why is the govt advertising to encourage people to buy houses?

Neoclassical/New Keynesian economic models assume that banks are intermediaries between savers and borrowers and that private sector debt can be expanded indefinitely with negligible risk since this merely represents the transfer of spending power from one account ledger to another. Osborne's New Keynesian 'recovery' is predicated on the continuous expansion of mortgage debt, accomplished via NIRP and uncontrolled mass immigration. The on-going privatisation and sub-division of UK housing stock is to facilitate both.

Edited by zugzwang

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Reading more into it, as a couple, if both have separate HTB ISAs, they can both claim the maximum bonus towards a jointly purchased house. You can claim this £6k bonus (2 x £3k) until 2030. When the HPC happens, £6k will be a decent amount.

Edited by btl_hater

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Reading more into it, as a couple, if both have separate HTB ISAs, they can both claim the maximum bonus towards a jointly purchased house. You can claim this £6k bonus (2 x £3k) until 2030. When the HPC happens, £6k will be a decent amount.

A sensible post, bird in the hand and all that.

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Reading more into it, as a couple, if both have separate HTB ISAs, they can both claim the maximum bonus towards a jointly purchased house. You can claim this £6k bonus (2 x £3k) until 2030. When the HPC happens, £6k will be a decent amount.

Do you have to start saving from scratch I.e. put 1200 in to start then 200 a month max, then when you take it out to buy house gov gives you the 25% of total up to max of 3k?

If so the fastest you can get the max 3k is 4.5 year's as you would need to save 12k. So that leaves you with 15k. If two people did this you are looking at 30k.

If a married couple can do one each this could be a good move. Potentially my wife and I could transfer from our existing savings account invest 1200 each, both transfer 200 a month over and then even after just one year we would be be up to 7200 which would give us £1800 on top. That's £150 a month sounds like a good dea I might do this.

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Do you have to start saving from scratch I.e. put 1200 in to start then 200 a month max, then when you take it out to buy house gov gives you the 25% of total up to max of 3k?

If so the fastest you can get the max 3k is 4.5 year's as you would need to save 12k. So that leaves you with 15k. If two people did this you are looking at 30k.

If a married couple can do one each this could be a good move. Potentially my wife and I could transfer from our existing savings account invest 1200 each, both transfer 200 a month over and then even after just one year we would be be up to 7200 which would give us £1800 on top. That's £150 a month sounds like a good dea I might do this.

property you are buying must: be in the UK cost up to £250,000, or up to £450,000 if you are buying in London not be a second home or a buy-to-let property not be rented out after you buy it be purchased with a mortgage - See more at: https://www.helptobuy.gov.uk/help-to-buy-isa/who-is-eligible/#sthash.fNflrLIM.dpuf

So you can use this in London up to 450k but since we are hoping to stay in SE this would be useless unless looking for a 2 bed flat or a major HPC occurs! Nothing remotely family suitable about for 250k

If someone was intending to buy not in SE this scheme would be well worth doing imho

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We do not want you saving unless it is for a house....money is earned for spending into the economy.....go shopping or buy a house using debt and act like responsible citizens..... ;)

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Finding details out seems tricky: could the ISA scheme insist that you buy only a new build for example (c.f. car scrappage scheme)?

My friend once inherited a minor share in a house in the 1990s which translated into £15k. Moneysaving Expert says that the scheme is not open to my friend, or anyone who has ever owned an interest in a residential property. Seems a bit arbitrary and unfair.

How will any of this be checked?

Also, is there an age limit? Help to Buy only works for those under 40.

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...How will any of this be checked?

Pulse? Tick ✔ = Eligible FTB :lol: bonuses all round.

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We do not want you saving unless it is for a house....money is earned for spending into the economy.....go shopping or buy a house using debt and act like responsible citizens..... ;)

Here's a novel idea, let house prices crash so people don't have to take silly amounts of debt and actually have money left to spend into the economy!

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