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What do you think of the new help to buy ISA?
leona1
Posts: 7 Forumite
I am 25 and looking to buy my 1st house in 5 yrs time. What do you think of the help to buy isa?
I'm looking to buy this property for me to live in. So a help to buy isa seems to be the best way of saving. However, say I was to buy a property & then I found myself in a difficult financial situation, can I rent the property out until I tidy up my finances? How does the help to buy isa limit you in this way?
I'm looking to buy this property for me to live in. So a help to buy isa seems to be the best way of saving. However, say I was to buy a property & then I found myself in a difficult financial situation, can I rent the property out until I tidy up my finances? How does the help to buy isa limit you in this way?
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Comments
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The HTB ISA will no longer be in place once you have bought the property. You would receive the bonus before purchase and the ISA will presumably then be ended. The ISA itself is a no-brainer, since it's a 25% tax free bonus-however the most you can save is £12K over about 5 years.
To rent the property out you would have to get the permission of your mortgage provider, who would want to switch you to a BTL mortgage, at a higher rate. Getting a lodger would be a better option in such circumstances.No free lunch, and no free laptop
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