Labour plans for FTB ISAs

colsten

NICHOLAS wrote: »

i thought you could withdraw money from the htb isa anytime? So how will they be able to tell if people start using them and then need access to the money.

The ISAs are planned to be instant access. I read somewhere that Ed Balls said the ISAs will be underwritten by the government so that neither the saver nor the banks can lose out. Which sounds to me like writing a blank cheque to banks, on behalf of the taxpayer.

NICHOLAS wrote: »

Plus, how would it work with regards to the government top up if you withdrew and then put money back in?

I think the plan is that government money only gets added at the time you take out your first mortgage. But details are scant on how any of it - original flavour or Labour flavour - is supposed to work.

jimjames

Cyberman60 wrote: »

Another myth. People that are still needed will be allowed in under an Australian points-based system. We don't need to let the rest of the world in just to get a few more nurses. :rotfl:

Allowing 300K people in every year will cripple the NHS, as it doing already !!

Repatriation of the Brits abroad back here won't exactly help the NHS either!

And it's not the rest of the world with the right to live here, it's EU citizens who have the same right as we do to work anywhere in the EU.

NICHOLAS wrote: »

Plus, how would it work with regards to the government top up if you withdrew and then put money back in?

The way it appeared to be described is that you'd need to start again if you withdraw the money. The top up is only paid at the point of purchasing the property and there is a monthly limit on payments in - so withdrawing wouldn't be a good idea if you wanted the maximum top up.

colsten

Cyberman60 wrote: »

Vote UKIP. :T

This thread is not about UKIP. It is about whether the Labour plans for the HTB ISA are sound.

masonic

Cyberman60 wrote: »

That sounds like a load of ........

... because the full details are not even released yet. :rotfl:

The full details are not material to effect this would have on house prices or who will benefit most from the free money.

colsten

jimjames wrote: »

The way it appeared to be described is that you'd need to start again if you withdraw the money.

I am going by the MSE Guide for this ISA, which doesn't seem to mention that you have to start again. But you might be right. It will all be revealed in due course, no doubt

http://www.moneysavingexpert.com/savings/help-to-buy-ISA

masonic

colsten wrote: »

I am going by the MSE Guide for this ISA, which doesn't seem to mention that you have to start again. But you might be right. It will all be revealed in due course, no doubt

It does mention the maximum that can be deposited in any one month is £200 and that you aren't allowed to make up the shortfall if you miss a month, so it doesn't bode well for being able to replace money that you take out.

colsten

You don't have to start again, though, I think. E.g. if you put in £12K and take out £1K, you still get the bonus for the £11K (£2,750 instead of £3,000). But until we see the actual implementation, a certain amount of guessing will be involved.

Cyberman60

jimjames wrote: »

Repatriation of the Brits abroad back here won't exactly help the NHS either!

They come back anyway so it would make no difference. :rotfl:

jimjames

colsten wrote: »

You don't have to start again, though, I think. E.g. if you put in £12K and take out £1K, you still get the bonus for the £11K (£2,750 instead of £3,000). But until we see the actual implementation, a certain amount of guessing will be involved.

Sorry, I'd assumed the withdrawal was to empty the account, it makes sense that you just carry on paying in but for a longer period to reach the maximum allowance if you withdraw money before maturity.