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

edited 24 November 2015 at 1:27PM in House Buying, Renting & Selling
60 replies 8.5K views
Former_MSE_HelenFormer_MSE_Helen Former MSE
2.4K Posts
edited 24 November 2015 at 1:27PM in House Buying, Renting & Selling
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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You might also find our fully researched Help to Buy ISA guide helpful.


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  • 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.....
  • edited 18 March 2015 at 5:34PM
    mpa91mpa91 Forumite
    18 Posts
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    edited 18 March 2015 at 5:34PM
    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)??
  • 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...
  • edited 18 March 2015 at 6:06PM
    hotnuts21hotnuts21 Forumite
    57 Posts
    edited 18 March 2015 at 6:06PM
    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!
  • 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.
  • MarkBargainMarkBargain Forumite
    1.6K Posts
    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.
  • Has anyone heard how this might apply to self build?
  • 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.
  • jaxkesajaxkesa Forumite
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    House prices up to £250,000 outside of London makes it fairly useless for a those of us in the south-east.
  • kerri_gtkerri_gt Forumite
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    Part of the Furniture 10,000 Posts Name Dropper Xmas Saver!
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    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.
    Feb 2015 NSD Challenge 8/12
    JAN NSD 11/16


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