Patfig Posted January 31, 2016 Share Posted January 31, 2016 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. Quote Link to comment Share on other sites More sharing options...
frederico Posted January 31, 2016 Share Posted January 31, 2016 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. Quote Link to comment Share on other sites More sharing options...
Frugal Git Posted January 31, 2016 Share Posted January 31, 2016 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. Quote Link to comment Share on other sites More sharing options...
Patfig Posted January 31, 2016 Author Share Posted January 31, 2016 well life is like a sh1t sandwich Quote Link to comment Share on other sites More sharing options...
RentingForever Posted January 31, 2016 Share Posted January 31, 2016 The 25% bonus is given out only if you use the money to buy a house as your primary residence, and you have to be a first time buyer (ie not currently owning or never owned before). Quote Link to comment Share on other sites More sharing options...
Kiwi Toast Posted January 31, 2016 Share Posted January 31, 2016 Can you build up money in a HTB ISA and then get a HTB loan? Quote Link to comment Share on other sites More sharing options...
CyberNat Posted January 31, 2016 Share Posted January 31, 2016 well life is like a sh1t sandwich Stop voting for the people who want to f** k you over then. Quote Link to comment Share on other sites More sharing options...
Patfig Posted January 31, 2016 Author Share Posted January 31, 2016 excuse me Quote Link to comment Share on other sites More sharing options...
MARTINX9 Posted January 31, 2016 Share Posted January 31, 2016 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! Quote Link to comment Share on other sites More sharing options...
MattW Posted January 31, 2016 Share Posted January 31, 2016 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! Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted February 1, 2016 Share Posted February 1, 2016 (edited) 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 Edited February 1, 2016 by TheCountOfNowhere Quote Link to comment Share on other sites More sharing options...
rantnrave Posted February 8, 2016 Share Posted February 8, 2016 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 Quote Link to comment Share on other sites More sharing options...
streamingfreedom Posted February 8, 2016 Share Posted February 8, 2016 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. Quote Link to comment Share on other sites More sharing options...
Quicken Posted February 8, 2016 Share Posted February 8, 2016 (edited) 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 February 8, 2016 by Quicken Quote Link to comment Share on other sites More sharing options...
Amiinsane Posted February 8, 2016 Share Posted February 8, 2016 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. Quote Link to comment Share on other sites More sharing options...
sPinwheel Posted February 9, 2016 Share Posted February 9, 2016 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! Quote Link to comment Share on other sites More sharing options...
MARTINX9 Posted February 9, 2016 Share Posted February 9, 2016 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 Quote Link to comment Share on other sites More sharing options...
fluteroop Posted February 9, 2016 Share Posted February 9, 2016 Both jobs are luxuries when cheap money stops. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.