MSE News: Budget 2015: Help to Buy ISAs to launch

Former_MSE_Helen · 18 March 2015 at 4:52PM

First-time buyers will get £50 for every £200 saved up to a maximum of £3,000, under the new Help to Buy ISA scheme...

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Budget 2015: Help to Buy ISAs to launch

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aaa13ljsldjfldskj · 18 March 2015 at 5:23PM

is a first time buyer someone who's never had a mortgage and someone who hasn't had a mortgage for three years?

thanks if you can confirm.....

mpa91 · 18 March 2015 at 5:26PM

Struggling to understand the maths behind this...govt will give £50 for every £200 saved up to a limit of £3000. And yet the ISA can be open for a max of 4 years which, even with the extra £1000 at the start, means savers can only save a max of £10,600 (£2650 interest)??

Siani81 · 18 March 2015 at 5:51PM

mpa91 wrote: »

Struggling to understand the maths behind this...govt will give £50 for every £200 saved up to a limit of £3000. And yet the ISA can be open for a max of 4 years which, even with the extra £1000 at the start, means savers can only save a max of £10,600 (£2650 interest)??

This, and also with the saving limit of £200pm, if I wanted to save more would I have to use a non-ISA account?

Maybe it's too early for the details...

hotnuts21 · 18 March 2015 at 5:59PM

Yeah im struggling with the maths unless your allowed to lump in £1000 each year, your never going to get to the 12k required for the 3k bonus!

Very odd.

Plus what happens if you buy a joint house and your partner already owns a home but your a first time buyer.

ALSO does this count towards your ISA allowance, are you allowed to open one of these alongside a normal isa? Im planning on getting a new ISA in April, which may mean I cant get one of these in the Autumn unless I hold off!

Rollinghills · 18 March 2015 at 6:35PM

NEW accounts will be available for 4 years but once an account is open it sounds there is no limit for how long it can remain open, potentially many years I suppose. Might be an idea to open one for children over 16.

MarkBargain · 18 March 2015 at 7:20PM

Perhaps it is because it is an election gimmick, which will only serve to push up house prices further at tax payers' expense. Instead the money could be spent building new houses.

Stevekarch · 18 March 2015 at 7:24PM

Has anyone heard how this might apply to self build?

Accordion_lady · 18 March 2015 at 7:33PM

Hi!
I'm a first time buyer but the way mortgage lenders calculate self employed income means I don't qualify for a mortgage for myself so I'm considering buy to let.
If I bought a buy to let property would I still qualify for this deal as I still wouldn't have my first home - so to speak!
Many thanks in advance.

jaxkesa · 18 March 2015 at 8:18PM

House prices up to £250,000 outside of London makes it fairly useless for a those of us in the south-east.

kerri_gt · 18 March 2015 at 8:44PM

Perhaps I need to do the maths, but I really fail to see how this 'bonus' is going to have any real impact for first time buyers when you calculate how fast house prices are currently rising. A 10% deposit for the area I live it is £25k - £30k and rising.