The government will now GIVE you 20% of your deposit

setmefree2

A £3000 moving in gift doesn't make up for student loan debacle.

stator

From lib dems website:

People looking to buy their first home will be able to save up to £200 per month into a Help to Buy ISA.

Nuts

whatmichaelsays

chewmylegoff wrote: »

Per the budget speech it is restricted to first time buyers - I thought you already owned a property?

Presumably there's nothing to stop you coming off the ladder, only to jump back on?

My partner and I are in that situation - we don't have enough in our current property for a 10% deposit but we are keen and can afford to move.

The problem with both Help to Buy and New Buy is that you need to effectively have capital waiting, as the developers we have spoken to want their deposit within 28 days of reservation. For us, it seems that that the quickest way is to sell, release the capital, reserve our new property and wait for the developer to bolt the roof on our new place.

Graham_Devon

Not as good as it first sounds then. £3,000 isn't anything to be sniffed at, of course, but if it takes 5 years to get the full 3k, seems almost not worth it.

Most I would expect to receive a maximum of a grand.

I wonder if you will have to buy a house under HTB to make use of it, as it's a HTB ISA.

ziggycj

setmefree2 wrote: »

A £3000 moving in gift doesn't make up for student loan debacle.

But most post-2011 people wont be paying them back in full anyway.

setmefree2

ziggycj wrote: »

But most post-2011 people wont be paying them back in full anyway.

Plenty of them will be paying enormous amounts back.

purch

ziggycj wrote: »

But most post-2011 people wont be paying them back in full anyway.

Those with limited ambition won't

setmefree2

Graham_Devon wrote: »

Not as good as it first sounds then. £3,000 isn't anything to be sniffed at, of course, but if it takes 5 years to get the full 3k, seems almost not worth it.

Most I would expect to receive a maximum of a grand.

I wonder if you will have to buy a house under HTB to make use of it, as it's a HTB ISA.

If you've got a late teen or early 20 year old, probably worth starting one though. Providing the interest rates aren't too awful....

luckbox

Will this cause a slight stagnation in the lower end of the market where people with enough deposit to buy today, thinking, hold on a few more months and we have a chance of 3K more.

cells

anyone who waits for this max £3k 'gift' will probably find that the house has gone up by more than the gift