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1 minute ago, CanAffordWontPay said:

No problem at all. Do you know who you are going to go with for your LISA?

:)

No idea yet - happy to be advised! 

Will try and get on it sharpish given the year minimum term, although realistically this should be OK as we've just signed up for another year's tenancy and while prices are definitely falling in this area I don't think they'll have reached the bottom in 12 months. 

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2 minutes ago, ftb_fml said:

:)

No idea yet - happy to be advised! 

Will try and get on it sharpish given the year minimum term, although realistically this should be OK as we've just signed up for another year's tenancy and while prices are definitely falling in this area I don't think they'll have reached the bottom in 12 months. 

If you're going to be buying within 5 years probably worth going with a cash LISA. Only provider at the moment is Skipton.

If further out than 5 years and more open to risk then the other providers are S & S LISA's. You have a few options, Nutmeg (robo investor), AJ Bell and H & L. AJ Bell I think is the cheapest platform but will dpeend what youre investing in. HL will probably be more expensive. I know from the Delfationary thread a few of the guys rate HL. You're looking at anywhere from 0.70% to over 1% depending if you want it fully managed or not.

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16 minutes ago, CanAffordWontPay said:

If you're going to be buying within 5 years probably worth going with a cash LISA. Only provider at the moment is Skipton.

If further out than 5 years and more open to risk then the other providers are S & S LISA's. You have a few options, Nutmeg (robo investor), AJ Bell and H & L. AJ Bell I think is the cheapest platform but will dpeend what youre investing in. HL will probably be more expensive. I know from the Delfationary thread a few of the guys rate HL. You're looking at anywhere from 0.70% to over 1% depending if you want it fully managed or not.

Excellent - sounds like the Cash LISA is the way forward as the thought of buying outside of 5yrs of time is unlikely and tbh immensely depressing. The fact that there's only one provider also simplifies the decision-making process somewhat :D

Thanks again for saving me a load of research - let me know if you're ever in Oxford and I'll buy you a pint or three :)
 

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52 minutes ago, ftb_fml said:

Excellent - sounds like the Cash LISA is the way forward as the thought of buying outside of 5yrs of time is unlikely and tbh immensely depressing. The fact that there's only one provider also simplifies the decision-making process somewhat :D

Thanks again for saving me a load of research - let me know if you're ever in Oxford and I'll buy you a pint or three :)
 

I know what you mean regardin the 5 years. I didn't even think I would be using the LISA, now I'm into my second year haha. I hope I don't go to 5 years or beyond.

No problem, any time. They don't make it simple. Seems like they have no long term plan with pensions and the ISA system. It's all becoming very convoluted

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On ‎07‎/‎06‎/‎2018 at 09:33, Locke said:

It would be nice if people would just admit "I'm a thief, but I'm ok with it"

Millions of landlords are stealing billions in housing benefit and tax relief. The government has no intention of ending this disgraceful theft, much less making them pay back the hundreds of billions stolen over the past two or three decades.

That's just in housing. Think a little deeper and you'll come up with other examples.

People who use HTB ISA, LISA etc. are just taking back a few crumbs.

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Re; the HTB ISA - I believe this is for first time buyers only? and HTB is available only to FTB?

Is this thoroughly checked out, and what are the qualifying criteria?

Why I ask is I that I see 4 and 5 bed detached new builds advertised locally, being aggresively marketed at the HTB discounted figure.

I keep thinking that these aren't the typical starter homes you would expect first time buyers to have the finances to take on, nor the number of kids to fill all the bedrooms. 

Am I missing something?

Edited by frankief
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7 hours ago, CanAffordWontPay said:

I know what you mean regardin the 5 years. I didn't even think I would be using the LISA, now I'm into my second year haha. I hope I don't go to 5 years or beyond.

No problem, any time. They don't make it simple. Seems like they have no long term plan with pensions and the ISA system. It's all becoming very convoluted

Absolutely - I think it'll be head-in-hands time if we've not found anywhere within 2-3yrs. On the up-side, a slight silver lining is that people like us could potentially be benefiting from the (ultimately minimal) measures imposed to "accommodate" rocketing prices once they've crashed. 

The stamp duty saving and a couple of year's worth of LISA bonuses on maximum deposit amounts for a couple could save knocking on the door of £10k; which would be very welcome :)

I agree that it's especially convoluted and evidently trying to push the pensions onus onto the individual rather than providing everyone with a flat state pension. I'm also very wary of heavily buying into such government schemes too - over a few years as an aid to home buying I'm quite happy.. 20+yrs as a retirement prospect? Not so much to be honest as a lot can happen in that sort of time frame..

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15 hours ago, Kosmin said:

Millions of landlords are stealing billions in housing benefit and tax relief. The government has no intention of ending this disgraceful theft, much less making them pay back the hundreds of billions stolen over the past two or three decades.

That's just in housing. Think a little deeper and you'll come up with other examples.

People who use HTB ISA, LISA etc. are just taking back a few crumbs.

+ 1
 

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15 hours ago, frankief said:

Re; the HTB ISA - I believe this is for first time buyers only? and HTB is available only to FTB?

Is this thoroughly checked out, and what are the qualifying criteria?

Why I ask is I that I see 4 and 5 bed detached new builds advertised locally, being aggresively marketed at the HTB discounted figure.

I keep thinking that these aren't the typical starter homes you would expect first time buyers to have the finances to take on, nor the number of kids to fill all the bedrooms. 

Am I missing something?

HTB ISA is for FTB's only. HTB Equity Loan is open to all (depending on the local provider). We have a thread on it the other week iirc as there was an article that showed a big % of users weren't first time buyers

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19 hours ago, ftb_fml said:

Excellent - sounds like the Cash LISA is the way forward as the thought of buying outside of 5yrs of time is unlikely and tbh immensely depressing. The fact that there's only one provider also simplifies the decision-making process somewhat :D

Thanks again for saving me a load of research - let me know if you're ever in Oxford and I'll buy you a pint or three :)
 

Remember the bonus is paid on deposits made up until last day of tax year. So stick a quid in it now. Then the rest of balance at end of march.

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2 minutes ago, The Crow said:

Remember the bonus is paid on deposits made up until last day of tax year. So stick a quid in it now. Then the rest of balance at end of march.

@ftb_fml Another thing you can do is use a regular saver (HSBC, First Direct, Nationwide etc) to get 5% then transfer that amount into your LISA. I know not much but circa £100 is better than a kick up the backside ?

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18 hours ago, Kosmin said:

Millions of landlords are stealing billions in housing benefit and tax relief. The government has no intention of ending this disgraceful theft, much less making them pay back the hundreds of billions stolen over the past two or three decades.

That's just in housing. Think a little deeper and you'll come up with other examples.

Yes, there are a lot of parasites.

Quote

People who use HTB ISA, LISA etc. are just taking back a few crumbs.

That does not mean it is ok. Every avalanche starts with a single snowflake. They are vanishingly far from the worst thieves, but they are thieves nonetheless.

Like I said, it would be nice if everyone would admit it.

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1 hour ago, Locke said:

Yes, there are a lot of parasites.

That does not mean it is ok. Every avalanche starts with a single snowflake. They are vanishingly far from the worst thieves, but they are thieves nonetheless.

Like I said, it would be nice if everyone would admit it.

Ah yes some hard workers who want to jump on the property ladder getting 20% tax relief on £4000 are thieves. What does that make people contributing to a pension? ? What a bizarre way of looking at it I have to say.

Edited by CanAffordWontPay
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38 minutes ago, CanAffordWontPay said:

getting 20% tax relief on £4000

https://www.moneyadviceservice.org.uk/en/articles/help-to-buy-isa-faq#do-i-have-to-be-employed-or-paying-income-tax-to-apply-for-a-help-to-buy-isa

Quote

Do I have to be employed or paying income tax to apply for a Help to Buy ISA?

No. As long as you meet the required conditions (see ‘Can I get a Help to Buy ISA’, above), you’re eligible.

Why do you do this? Does framing it as tax relief help you feel better about it?

 

39 minutes ago, CanAffordWontPay said:

What does that make people contributing to a pension?

Depends. If you're referring to a State pension, a thief.

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5 minutes ago, Locke said:

https://www.moneyadviceservice.org.uk/en/articles/help-to-buy-isa-faq#do-i-have-to-be-employed-or-paying-income-tax-to-apply-for-a-help-to-buy-isa

Why do you do this? Does framing it as tax relief help you feel better about it?

 

Depends. If you're referring to a State pension, a thief.

I'm referring to any a pension that one would contribute to voluntarily to gain (signifcantly more) tax relief .

I frame it that way because that is what it is for most people. They frame it as a bonus, which for most people it isn't a bonus. Sure some, a minority that don't work or have maxed out their pensions will use a LISA etc to gain more. Small numbers though. Bigger things to get upset at, perhaps this one:

https://www.gov.uk/government/publications/help-to-save-what-it-is-and-who-its-for/the-help-to-save-scheme

To call the majoirty of users of LISA's and HTB ISA as thieves, is just bizarre, imho. Agree to disagree though ?

 

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On 10/06/2018 at 12:39, CanAffordWontPay said:

Nope. MSE is saying you cna't claim the bonus on a HTB and a LISA. Either or. From MSE:

Each person has their own LISA, so couples can have one each

If you're planning to buy a home together, it's important to understand that there's no such thing as a joint LISA: you and your partner/spouse need to open separate ones. To make it plain:

  • If you're a first-time buyer making a purchase with someone who's owned before – you can still open one and use it towards a home purchase together.
  • If you're both first-time buyers buying a property together costing £450,000 or less – you can both open one and save in it, effectively doubling the bonus. Note: even if you're both using the LISA, the £450,000 limit is strict. It doesn't double because you're both using the LISA cash.

Call me a cynic but a LISA sounds like a way to discourage people from relying on means tested benefits. Don't get me wrong, people should try as best they can to not be dependent on the government if possible but the stakeholder pensions which these LISAs serve to replace are not classed as wealth like a LISA, thus are not counted as savings when working out benefit entitlement. Thus, if one has savings above £6000, a LISA and claims means tested benefits, they'll encounter some problems. A LISA of £16k or more and they won't be entitled to means tested benefits at all. And I mean it when I say 'they', as Universal Credit depends on the income and savings of the household, not the individual.

Edited by spacedin
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40 minutes ago, spacedin said:

Call me a cynic but a LISA sounds like a way to discourage people from relying on means tested benefits. Don't get me wrong, people should try as best they can to not be dependent on the government if possible but the stakeholder pensions which these LISAs serve to replace are not classed as wealth like a LISA, thus are not counted as savings when working out benefit entitlement. Thus, if one has savings above £6000, a LISA and claims means tested benefits, they'll encounter some problems. A LISA of £16k or more and they won't be entitled to means tested benefits at all. And I mean it when I say 'they', as Universal Credit depends on the income and savings of the household, not the individual.

I think you're right and is probably why the numbers have been fairly low on the takeup, both for providers and users. iirc from an article a while back the data is showing that the vast majority that have signed up have done so to use on a house purhcase rather than retirement.

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5 hours ago, CanAffordWontPay said:

@ftb_fml Another thing you can do is use a regular saver (HSBC, First Direct, Nationwide etc) to get 5% then transfer that amount into your LISA. I know not much but circa £100 is better than a kick up the backside ?

Just check maturity date on reg saver... One started now is locked until June 2019

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People who opened a HTB ISA when it started, and have invested the maximum permitted amount ever since, currently have about £6600 in the pot. That means they'd get £1650 from the government.

The problem is that in London, £450k gets you a one bedroom slave box on murder mile. So the scheme is basically useless.

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6 hours ago, Locke said:

Yes, there are a lot of parasites.

That does not mean it is ok. Every avalanche starts with a single snowflake. They are vanishingly far from the worst thieves, but they are thieves nonetheless.

Like I said, it would be nice if everyone would admit it.

It's far from obvious how we should behave in these circumstances.

I think we should try to change the system, but the harder it is to change the system, the more people should focus on making the system work for them. I'm not sure if everyone using the system for their own ends makes it more entrenched or undermines it, or makes little difference. Probably the latter.

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2 hours ago, dropbear said:

People who opened a HTB ISA when it started, and have invested the maximum permitted amount ever since, currently have about £6600 in the pot. That means they'd get £1650 from the government.

The problem is that in London, £450k gets you a one bedroom slave box on murder mile. So the scheme is basically useless.

it’s more than that, you got a £200 bonus if you put in £1200 at the start.

im up to something like £1850 of free money, they also pay good interest, and the bonus is paid on the interest also. 

 

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19 minutes ago, jiltedjen said:

it’s more than that, you got a £200 bonus if you put in £1200 at the start.

im up to something like £1850 of free money, they also pay good interest, and the bonus is paid on the interest also. 

 

I find this bit of a bizarre way of seeing it. It only becomes available if its actually used on a house purchase. I'm sure to be buying a house one would need to have earned the money (in 99% of cases) and paid tax on that income. Am I one that needs to reavaulate how I see my LISA bonus as tax relief? ?

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  • 429 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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