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Patfig

Help To Buy Isa!

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Apologies if this has been posted already I haven't been on here for a while. I just saw an ad on TV for a help to buy ISA for first time buyers to save for their deposit earning up to 4%pa and then the government will add another 25% to the capital. WTF is going on.

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Apologies if this has been posted already I haven't been on here for a while. I just saw an ad on TV for a help to buy ISA for first time buyers to save for their deposit earning up to 4%pa and then the government will add another 25% to the capital. WTF is going on.

Err the government haven't got a clue what to do but want to please everybody.

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You clearly have a rich and varied life if you hadn't heard about this - and aren't caught up with following the ******** prop after prop that the government keep adding- so massive respect for that!

It was actually announced in the main 2015 budget - nearly a year ago now. It is what it says it is, but it's more limited than a normal cash is in that you can save a max of 250 pm into it. You can have a stocks and shares is a to make up the difference to the normal ~15k pa limit.

Other than that, yes, basically you do that for 5 years max and the government add another 25% to what you've saved + interest earned. Basically the max bonus will be circa 3k. A couple can have one each.

I will be opening one as with the bonus plus the 4% rate one of the banks are offering, you might as well. Especially as it's a piddly amount pm.

So tldr. More shit, but it's shit you might as well eat.

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And of course don't forget you must take out a mortgage to qualify.

An FTB on minimum wage buying a one bed flat in Barnsley for £30k in cash using an inheritance from gran is not eligible.

A banker on £100k buying a flat in London with a mortgage for £450k is eligible to get the £3k bonus.

Who exactly are we helping here!

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I don't qualify for an HTB ISA as I was previously a banker's slave mortgagee. I'm rather pissed that I cannot enjoy the same rates on my current ISA. Is this discrimination?

Err the government haven't got a clue what to do but want to please everybody.

They're certainly not pleasing long term tenants!

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Apologies if this has been posted already I haven't been on here for a while. I just saw an ad on TV for a help to buy ISA for first time buyers to save for their deposit earning up to 4%pa and then the government will add another 25% to the capital. WTF is going on.

State sponsored sub-prime bubble.

I think this might shed some light on it in the context of 650 london property owning MPs

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Edited by TheCountOfNowhere

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Not seen this posted elsewhere:

Separately, the government announced that 250,000 people - half aged under 30 - have opened Help to Buy ISAs since they launched on 1 December.

From AljaBeeba

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And of course don't forget you must take out a mortgage to qualify.

An FTB on minimum wage buying a one bed flat in Barnsley for £30k in cash using an inheritance from gran is not eligible.

A banker on £100k buying a flat in London with a mortgage for £450k is eligible to get the £3k bonus.

Who exactly are we helping here!

No, HTB ISA only pays out on a max property value of 250k. So it is of no use to anyone in London or the SE.

Otherwise I would have opened two accounts one for me and one for the wife as it could be worth 7k in 3 years worth of saving that's over 100 quid per month. Worth doing.

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No, HTB ISA only pays out on a max property value of 250k. So it is of no use to anyone in London or the SE.

Otherwise I would have opened two accounts one for me and one for the wife as it could be worth 7k in 3 years worth of saving that's over 100 quid per month. Worth doing.

Yes, I opened one on day one and have a standing order for the max £200/month. More government interference, but better than a kick in the teeth. I'm happy to have this on one side earning 4% while I wait for the big correction. :-)

Oh, but MARTIN9X was right about the £450k in London. Freaking hate all forms of London weighting. It just drives prices higher.

https://www.helptobuy.gov.uk/help-to-buy-isa/who-is-eligible/

Edited by Quicken

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If every one of those 250,000 HTB ISA's get the max government payout - then that's £750 million.

Thought we were broke as a country and can't afford to pay for public services.

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If every one of those 250,000 HTB ISA's get the max government payout - then that's £750 million.

Thought we were broke as a country and can't afford to pay for public services.

We can't be broke, we can just borrow money to pay off our debts!

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First help to buy isa payout to a couple in Colchester of £800 - Jason Page a 30 year old sustainability consultant (what is that?) and Caroline North a 27 year old nutritionist. They were so chuffed they contacted the media to share their story.

http://www.moneysavingexpert.com/news/savings/2016/02/first-help-to-buy-isa-bonuses-paid-out-as-couple-from-colchester-bag-800-between-them

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