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

plunt

Hmmm my partner is a first time buyer. If she buys into the property I own so it turns into joint ownership does that count? As the charge her stamp duty on the consideration ! Also we aren't married

And finally if it is allowed will the value of the property for the purposes of the restriction be the full property value or her share of the property. This could open many doors for people!

brit1234

Its a gimmick unless you are in the cheaper parts of the country where homes are about £50k. However in London and the South East its useless where prices are far higher and deposits need to be bigger.

Infact I have had far more than today's Torries £3k (over 4 years) give away stolen from my house deposit with George Osbornes Funding for Lending scheme which has decimated peoples savings.

The Conservatives have killed savings accounts and thrown every type of stimulus possible to re-inflate the housing bubble and price out first time buyers.

Wilma33

"you'll get a voucher for the bonus which will go straight to your mortgage lender"


So can you not use the scheme if you buy a house with cash (no mortgage)?

princeofpounds

Gimmickry. (and I say that despite being a supporter in general).

Just allow people to actually build homes, rather than hoard land for intensive GM crop growing, grouse shooting, golf courses and pony livery.

happy_bunny_2

Wilma33 wrote: »

"you'll get a voucher for the bonus which will go straight to your mortgage lender"


So can you not use the scheme if you buy a house with cash (no mortgage)?

I guess it's aimed at people struggling to get on the housing ladder with a mortgage. If people have the cash to buy a house, I guess they don't feel obliged to help

trevormax

So if I am reading this right, for every £200 I put in to this account, the government will give me £50 (to be paid when I buy the house).

The maximum they will give me is £3,000 and the maximum I can put in to this account per month is £200 (or the maximum they will pay me is £50 per month) with the opening payment of £1,000 giving me a quick £250 payment (plus the first months saving of £200 for another £50).

Using dodgy maths, for me to get the maximum benefit that they will pay me, I have to save in to it for 4 years 7 months (2,750 / 50 = 55 months or 4 years 7 months).

Not of great use to me since I am planning to buy in a year or two. Shame I can't just put the maximum £12,000 in to the account now and get the full benefit of £3,000 paid towards the house I will buy.

Still, I wont complain about free money so I will give it a shot.

dgtazzman

The whole idea seems rather pointless to me. Over the 4 years you are saving, that 3 grand is going to get eaten up by inflation and house price rises.

Nice little gimmick, probably practically of no real use to 99% of those looking to buy a house, looking in my area where prices have shot up around 15% in the last 2 years and don't seem to be stopping anytime soon.

Randomjargon

Some people here are so bloody negative. A contribution to a house deposit of upto £3k...sounds good to me.

Grow up...

andypandy86

Well I'm a first time buyer about to buy - i'm guessing it won't be backdated? Our completion date is next month

gutted I'm missing out on this I'd have definitely signed up for one!!!

hardnutman

Instead of being an advantage it is more that you are at a disadvantage if you don't use this. Don't forget buying a house is a competition against the other buyers.