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Help to Buy Isa scandal: Breaking News
Comments
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The money you save and the interest you accrue can be used towards the deposit it is just the bonus that cannot be claimed until completion0
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As far as I'm aware, it goes to the solicitor to process and then applied to the mortgage, so wouldn't actually be possible for people just to "borrow from friend or family and repay them" as it doesn't actually go to buyers bank account.0
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I would seem that they are making up the rules as they go along.
On the government site, it's all made clear with this extra wording regards getting the bonus.
https://www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/
"The bonus must be included with the funds consolidated at the completion of the property transaction. The bonus cannot be used for the deposit due at the exchange of contracts, to pay for solicitor’s, estate agent’s fees or any other indirect costs associated with buying a home."
Fortunately we can see the site as it was on April 23rd and earlier.
https://web.archive.org/web/20160423193303/https://www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/
"Receive bonus: when you buy your first home, your solicitor or conveyancer will apply for your government bonus. Once they receive the government bonus, it will be added to the money you are putting towards your first home."
The wording regards funds being used at completion has been added since the end of April.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Hard to say it's a scam, but it's definitely not fit for purpose and the initial wording was deceptive.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Reading The Telegraph is a scam"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
I think the Telegraph piece is misleading. It CAN be used for your mortgage deposit, but only the part of your deposit which is paid at completion.0
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So it basically does what it says on the tin; how awful.
Free money is such an unfair burden.0 -
Well done.trunkymonkey wrote: »The money you save and the interest you accrue can be used towards the deposit it is just the bonus that cannot be claimed until completion
Nail, hit, head.
The investment is available, the bonus comes later.
Getting extra "free" money at a later point in time doesn't make it a scam it just makes it inconvenient.
The "s" word really is bandied about far too much on here!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 -
I just wish the £250k limit was a bit higher .. Can't buy much for 250k near me!I am an Independent Financial Adviser (IFA). Any posts on here are for information and discussion purposes only and should not be seen as financial advice.0
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