MSE News: Couple from Colchester bag £800 between them via Help to Buy ISA

colsten

spikyone wrote: »

Thanks - it was the constant references to £50 for every £200 that were confusing me; I'm sure most people could do the simple maths to work out

You'd be surprised just how many people simply don't know how to deal with %ages. Not too long ago, a bank employee told this forum that if you put money into each of two accounts that pay 5% interest, you get 10% interest. I kid you not.

Whether playing to potential ignorance is the best way to get people to understand the HTB bonus, I don't know.....

mooluk26

The scheme rules state that the bonus is not to be applied to the deposit. So how have these guys got away with it? Because their solicitor was ignorant?

Thrugelmir

Does anyone bother to read the rules? Will take 54 months of saving to obtain the maximum bonus of £3k. So much hot air spouted over nothing. The scheme is very clearly targeted at those with long term ambitions.

MARTYM8`

Thrugelmir wrote: »

Does anyone bother to read the rules? Will take 54 months of saving to obtain the maximum bonus of £3k. So much hot air spouted over nothing. The scheme is very clearly targeted at those with long term ambitions.

Or alternatively the Government is keen to encourage a lot of people to buy houses in 2020. Can't think why

Obviously the benefit depends where you are buying - £3k may be a lot if buying a one bed flat in the North east but not so much if you are buying a £450k new build in London.

colsten

MARTYM8` wrote: »

Or alternatively the Government is keen to encourage a lot of people to buy houses in 2020. Can't think why

Why the heck would anyone vote for a government that doesn't do anything for them? Why the heck is anyone surprised that a government (of whatever colour) wants to do something for those that vote for them? #realitycheck

Rich2808

colsten wrote: »

Why the heck would anyone vote for a government that doesn't do anything for them? Why the heck is anyone surprised that a government (of whatever colour) wants to do something for those that vote for them? #realitycheck

The trick surely is to make people think they are being helped when actually the real beneficiaries are the mates and biggest funders of the governing party - banks and developers.

If I was a young first time buyer I would not be too enamoured of a government that has pursued policies which have deliberately created a surge in houseprices via FLS, help to buy and more as we all knew Carney would deliver on as he did in Canada.

Thanks for my £3k - shame I am having to pay £200k more to buy my flat in London thanks to your policies compare to 2010. Maybe if Osborne had left it to market forces and dropped the government props they wouldn't be a net £197k worse off.

Sorry - not saying people shouldn't take advantage. But they should also remember who stoked the price rises.

colsten

Hey, if you don't feel the £3K is helping you, or if you feel it's dirty money that serves a political purpose you do not support: Nobody forces you to take it. Be true to your convictions and turn the money down.

If you aren't a candidate for the bonus in the first instance and you object to it being given to FTBs on the grounds that something entirely different should be done for those people: why don't you present your costed solution to Gordon Osborne? I am sure he and his advisors would be delighted to hear of a miraculous answer to a tricky economical problem. Please let us know how GO reacted to your proposals.

masonic

colsten wrote: »

why don't you present your costed solution to Gordon Osborne?

Gordon Osbourne, eh? Now there's a hybrid the country could do without :rotfl:

drlabman

mooluk26 wrote: »

The scheme rules state that the bonus is not to be applied to the deposit. So how have these guys got away with it? Because their solicitor was ignorant?

Source? If it's the scheme rules, please quote the para number.

If the bonus doesn't form part of the deposit i.e. purchase price minus mortgage value, then what does it get applied to?

Rich2808

colsten wrote: »

Hey, if you don't feel the £3K is helping you, or if you feel it's dirty money that serves a political purpose you do not support: Nobody forces you to take it. Be true to your convictions and turn the money down.

If you aren't a candidate for the bonus in the first instance and you object to it being given to FTBs on the grounds that something entirely different should be done for those people: why don't you present your costed solution to Gordon Osborne? I am sure he and his advisors would be delighted to hear of a miraculous answer to a tricky economical problem. Please let us know how GO reacted to your proposals.

You do rather miss the point.

Yes - you get £3k via the help to buy isa by 2020.

But Osbornes policies - FLS, help to buy, QE, failure to deliver social and other housing etc - are seeing house prices being stoked up massively particularly in London and the south east. So your £350k flat in London now which was only £200k in 2010 could well be £500k by 2020 - so you can't afford it and can't use the HTB isa anyway. Should you be grateful for being made £297k net worse off by Gordon or is it George?

This is nothing to do with costings it's pure politics - boost house prices to make the middle aged and older voter happy, boost bankers and developers profits while dumping the debt on young people having to pay ever higher prices.

All fine - but let's not pretend this is some caring scheme to help first time buyers. They are the ones being forced into ever more debt to buy a home - the £3k frankly for most is a drop in the ocean.

Take advantage of the scheme young people but never forget how you are being well and truly sc****d over.