Friday, July 4, 2008

Greater annual ISA limits for FTBs

Alistair Darling says first-time buyers could be given a tax break

Alistair Darling, the chancellor, has said he wants to help first-time buyers get on the housing ladder by introducing greater tax breaks towards saving for a house. Isa rules limit annual savings to £7,200, with just £3,600 in cash. It is possible the Government could raise these limits for first time buyers, saving for a deposit.

Posted by uncle chris @ 09:23 PM (1179 views)
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18 thoughts on “Greater annual ISA limits for FTBs

  • it_is_going_with_a_bang says:

    Nothing of the sort. What he wants to do is save his ar5e.
    Help first time buyers????

    How about not letting it get like this in the first place!!!!!!!!!!!!!

    Dam cheek.

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  • japanese uncle says:

    FTBs will be in much better position in five years time anyway when house prices will be just 30% of what they used to be in 2007.

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  • who stole my pension? says:

    Why not just get rid of stamp duty?

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  • crash bandicoot says:

    Why not limit mortgages to 3.5x salary maximum? Because he wants to shore up the property market not help FTB’s.

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  • musn't grumble says:

    Actually, it’s more likely that he wants to be seen as if he’s doing something, whereas in reality, he probably recognises that the horse has bolted.

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  • Mytimeisnigh says:

    Unbelievable!!! Where has all this sudden concern come from? When the housing boom was supporting their corrupt political agenda they couldn’t give a flying [email protected]

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  • Mytimeisnigh says:

    Off topic but…..I work for social services and today I had a heated debate with a union rep, they are determined that all must participate in the July strike. He had no political or economic sense but had an answer for everything. He blamed the current economic mess on greedy bankers and felt it had nothing to do with the government. He agreed that inflation was really running at 15% but that was his reason for striking as he said pay increases wouldn’t impact on inflation. I advised him that in the recesion cuts would be made and people would be grateful for their jobs. He had no comprehension of the notion that in hard times people needed to make a few lifestyle adjustments. In other words, I’ve got to strike, like it or not.

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  • I agree with musn’t grumble, it’s far too late now for any realistic or meaningful intervention. If they really cared about FTBs they could have tinkered around 2, 3, 4 years ago before the market ran out of control.

    In truth, if Darling says ANYTHING other than “FTBs should really stay out of the market for at least a couple of years” then all he is really doing is suckering more FTBs into prolonged and painful debt. Additionally, I wonder how many FTBs would actually be suckered into the market at this point anyway. God, it’s depressing how useless this government is.

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  • What will Messrs Cameron and Clegg do to buy my vote?

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  • Knowing his incompetence though, the rules to qualify will be something like “You have to be under 18 years of age, and earning less than £10,000 per annum before tax” or something silly.

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  • I’m just appalled at the apparent ignorance of the powers that be in this government. It takes a lot to get me to post here but this nonsense makes me apoplectic. This together with the forecast oil demand posted on another thread. Why on earth were these morons not considering FTBs two years ago? Why did they not recognise that BTLers were soaking up FTB properties and driving up prices? What is the matter with these idiots? Truly, they must live on another planet and in a different timeframe. It would have taken so little for these same people to adjust taxes to maintain some sort of incentive equilibrium that maintained a level playing field for FTBs against speculators. But that would have required too much imagination. And awareness. Honestly, if this mob are a result of our democratic process, give Prince Charles the throne and lets have a bloody monarchy. Any thing has to be better than this slowly dissolving agony.

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  • Just another policy to force the younger generation into smaller and smaller boxes – which reminds of a fantastic Culture Shock song- SIX FOOT ROOMS:

    They’re digging a grave for the people
    So they can all live in it
    And when I die I want my own room to die in

    These smart men in trousers
    The road they’ve built tears up the houses
    Tears up the history – builds up the misery
    Tears up the countryside
    Replacing the memory
    With government policy
    High rise in suicide
    Less people unemployed
    Oh! How the people cried
    -but they gave me a room to live in!

    I question the way your eyebrows rise
    Ceiling blocking out the skys
    Walls so neat around my bed
    Six foot square and room to breed!
    Deeper down I hate to feed
    Upon the now subconscious need
    For more room to DIE in please

    Outside the road is clean and wet
    A jogger tires and gets run down
    Overworked and underfed
    Running away from it all uptown

    The lights that burn electric bills
    The heads in ovens swallowing pills
    …just another “social ill”…

    Up in the piles of six foot rooms
    It’s easier to ignore the gloom
    With the TV leisure, treasure, pleasure
    Comes in waves you cannot measure
    In one ear and out the other
    In one eye and there forever
    Like the drinking like the weather
    Like the room they gave your mother
    Like the cops and British Telecom
    There to be relied upon…
    …forever. And ever.

    Independent in your room
    Like the people above and below.
    Bangin the floor with the edge of a broom
    Lets em know your a so-and-so
    Who’s got his peace and won’t let go
    They said you could move but you said “no”

    Afraid that the next step would be down
    To the housing developments out of town
    Where they say the walls are so bloody thin
    You can hear mister so-and-so breaking down
    You
    Just
    Can’t
    Win…

    They’re digging a grave for the people
    So they can live in it
    They’re housing the people in coffins
    Into which they can barely fit
    And to keep the illusion of comfort
    the streets are always well lit
    So the tourists can stand and take photos
    While your inside with no room to sit

    They’re digging a grave for the people
    they’re digging a grave… for you!

    I thought – in the prolonged absence of Glorious sunshine (who remembers that freak?) that I would step up to the mark. Sorry. Drunk and listening to some sounds. Good weekend all!

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  • Cynicism can be a safe place to hide sometimes but alot of the above comments really are utter tosh

    Encouraging and helping first-time buyers to save for a deposit is a good thing, period. Christ, encouraging/helping anybody to save is a good thing these days.

    Save as much and as fast as you can and build as big a deposit as you can – and of course buy after the crash.

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  • inbreda you old hippy.

    You should read the excellent short story “Billenium” by J G Ballard. I think it was almost certainly the inspiration for the Culture Shock song.

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  • These people have no conscience which accoubts for their behaviour! Read Cleckly’s “the mask of sanity” to understand these deviants.
    However, their incompetence could be deliberate – ensuring we sign up to Europe ?

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  • ftb maybe one day says:

    I agree with Pig #13, this is a good thing. We need to encourage people to get out of this culture of buy it now I can afford it cos I can get a 100% mortgage frame of mind. I know its now impossible to get a 100% mortgage, but I’m scared once the crash has ended and the market picks up again then the cycle will start all over again!

    I also agree with crash #4, that if the government want to really help FTB’s and for the long term, bringing in legislation that would cap the biggest mortgages to 3.5x salary is the best move – they just never will do it!

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  • crash bandicoot says:

    ftb maybe, 3.5x is still a millstone. I never wanted (or took) a mortgage that size. All the repo’s of the early 1990’s were “only” up to this size. It is depressing that 3.5x is considered a sane option at the moment. It just shows how silly things got.

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  • ftb maybe one day says:

    Just thinking out loud, but to try and avoid this happening again I think the government should legislate a minimum deposit used for a mortgage to ensure the banks do not go back to 100% mortgages. Personally I believe the max LTV mortgage you should legally be allowed to apply for is 90%. Maybe a lower LTV for second homes and BTL – LTV 60%?

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