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Property value limits on Help to Buy ISAs
Savvy30sthg
Posts: 1 Newbie
I opened a Help to Buy ISA seven years ago. It sounded like a good way of saving a bit every month towards a home of my own. My decision to open one was motivated primarily by the fact that the Government would pay bonus interest of 25% on the total amount saved.
I'm now looking for my first flat. If I want to benefit from the Government's bonus interest, the property I buy must be valued at less than £250,000 because I live outside of London.
In my area of the south-east, with property inflation over the past few years, it's virtually impossible to find anything at all at this price - so I stand to lose out on the bonus interest.
Is there any likelihood at all that the Government will increase the property price limit for Help to Buy ISAs to £450,000 in line with LISAs? Is anyone lobbying for this to happen? Any suggestions on action I could take?
I'm now looking for my first flat. If I want to benefit from the Government's bonus interest, the property I buy must be valued at less than £250,000 because I live outside of London.
In my area of the south-east, with property inflation over the past few years, it's virtually impossible to find anything at all at this price - so I stand to lose out on the bonus interest.
Is there any likelihood at all that the Government will increase the property price limit for Help to Buy ISAs to £450,000 in line with LISAs? Is anyone lobbying for this to happen? Any suggestions on action I could take?
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Comments
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You have still had tax free interest on the savings amount. Just use the money towards purchase and forget about the bonus. It is unlikely to change especially as it is an obsolete product.0
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Very little likelihood.Savvy30sthg said:I opened a Help to Buy ISA seven years ago. It sounded like a good way of saving a bit every month towards a home of my own. My decision to open one was motivated primarily by the fact that the Government would pay bonus interest of 25% on the total amount saved.
I'm now looking for my first flat. If I want to benefit from the Government's bonus interest, the property I buy must be valued at less than £250,000 because I live outside of London.
In my area of the south-east, with property inflation over the past few years, it's virtually impossible to find anything at all at this price - so I stand to lose out on the bonus interest.
Is there any likelihood at all that the Government will increase the property price limit for Help to Buy ISAs to £450,000 in line with LISAs? Is anyone lobbying for this to happen? Any suggestions on action I could take?0
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