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1980's Version of First Time Buyer ISA
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bottletop
Posts: 47 Forumite
Can anybody help me out here?
Recently whilst discussing the practicalities of the new Homebuyers ISA I said that when we bought our first house in 1986 we had been saving in a similar scheme available through Building Societies at the time.
You put in so much (possibly on a monthly basis) and the government(?) put in a lump sum when you took out your first mortgage.
We are talking hundreds rather than thousands; but given property prices at the time it was a welcome bonus - though not, I believe, widely taken up.
Anybody else remember this? Please tell me I am not imagining it.
Recently whilst discussing the practicalities of the new Homebuyers ISA I said that when we bought our first house in 1986 we had been saving in a similar scheme available through Building Societies at the time.
You put in so much (possibly on a monthly basis) and the government(?) put in a lump sum when you took out your first mortgage.
We are talking hundreds rather than thousands; but given property prices at the time it was a welcome bonus - though not, I believe, widely taken up.
Anybody else remember this? Please tell me I am not imagining it.
0
Comments
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I was in the business in 1984, but didn't buy my first house until 1988 and I'm sorry to say I don't remember it.
TBH until 1989 I was a "wholesaler" as a Sun Alliance broker consultant selling via brokers, rather than dealing directly with borrowers...I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
There were some savings products with tax relief (pay net/receive gross) available during the early to mid 80's and it may have been one of these you are referring to.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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