Help to Buy ISA but can't afford to buy anywhere for a long time, worth it?

nordicsam

I don't have a job but I have £5k in the bank. I could open a Help to Buy ISA and slowly move the money from my bank account into the ISA. I'm not going to be in any position to buy somewhere for a long time (5-10 years), is it worth opening a Help to Buy ISA? Will the scheme even be around in 10 years?

eskbanker

Worth opening one unless your money will be working better for you where it is at the moment, but at 4% annual interest (with Halifax) plus the 25% final bonus that's quite hard to beat. Obviously nothing is ever cast in stone but this is anticipated to be a long-term offering, available to new subscribers until 2019 and with bonuses needing to be claimed by 2030 - apart from anything else it takes about 4.5 years from starting one to build up enough of a pot to qualify for the maximum bonus!