The government will now GIVE you 20% of your deposit

fc123

setmefree2 wrote: »

See above #7

ziggycj wrote: »

This is the link to the official info: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/414027/FTB_factographic_final.pdf


The limit is £200 per month so £2400 a year.

...so am I understanding this correctly...you can't just move 12k already saved into this account and get the 3k?
You can only save £200 pcm?




You save, say, £500pcm but would only get £50 pcm added?


I must be fick as I don't see how it works.
Does that mean you have to hold it for 5 years to get the full 3k?

fc123

cells wrote: »

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

..I was just thinking that as both ours are planning on buying in the next 3 years.

setmefree2

luckbox wrote: »

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.

It will take 5 years to get the full $3k

Loughton_Monkey

Phew what a rip-off:

• Typical of this boomer-hating government......
• Robbing pensioners to pay for the young......
• Hand-outs to 'have-it-all' young who don't need it.....
• Respectable older BTL buyers to be priced out by the FTB.....
• It'll be free i-Pads next.....
• Teenagers never had it so good.....
• Whinge.....
• Moan.....
• Daylight robbery.....

I need a large gin & tonic......

cells

The government should just guarantee a £150k house within 10 miles of where you live if you are a FTB, they can easily build at a profit for that price

setmefree2

fc123 wrote: »

Does that mean you have to hold it for 5 years to get the full 3k?

Yes. And you're not fick.

Maybe it's 4 and a half because you can put in £1000 straight away.

stator

ziggycj wrote: »

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

Paying another 9% on your income tax for 30 years can add up to a huge sum of money. The fact that gov.uk is now charging commercial rates of interest on the loan means that even if you're earning 30-40k you might be paying extra tax for the full 30 years and the total amount repaid would make your eyes bleed.

fc123

setmefree2 wrote: »

It will take 5 years to get the full $3k

...got all excited as thought the govt had actually done something useful that would actually help youngsters who work hard/ save hard...then you drill it down and, though it's better than a slap with a wet fish......it's not as fab as it 1st sounded when I heard it.

luckbox

setmefree2 wrote: »

It will take 5 years to get the full $3k

Ah. thanks. Should have no impact then

setmefree2

luckbox wrote: »

Ah. thanks. Should have no impact then

It might be 4 and half years 'cos I think you can put £1k in straight away.