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  • FIRST POST
    • Former MSE Helen
    • By Former MSE Helen 18th Mar 15, 2:52 PM
    • 2,324Posts
    • 971Thanks
    Former MSE Helen
    MSE News: Budget 2015: Help to Buy ISAs to launch
    • #1
    • 18th Mar 15, 2:52 PM
    MSE News: Budget 2015: Help to Buy ISAs to launch 18th Mar 15 at 2:52 PM
    First-time buyers will get 50 for every 200 saved up to a maximum of 3,000, under the new Help to Buy ISA scheme...

    Read the full story:

    Budget 2015: Help to Buy ISAs to launch



    You might also find our fully researched Help to Buy ISA guide helpful.


    Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.

    Last edited by Former MSE Zorica; 24-11-2015 at 11:27 AM.
Page 1
    • aaa13ljsldjfldskj
    • By aaa13ljsldjfldskj 18th Mar 15, 3:23 PM
    • 62 Posts
    • 55 Thanks
    aaa13ljsldjfldskj
    • #2
    • 18th Mar 15, 3:23 PM
    • #2
    • 18th Mar 15, 3:23 PM
    is a first time buyer someone who's never had a mortgage and someone who hasn't had a mortgage for three years?

    thanks if you can confirm.....
    • mpa91
    • By mpa91 18th Mar 15, 3:26 PM
    • 8 Posts
    • 24 Thanks
    mpa91
    • #3
    • 18th Mar 15, 3:26 PM
    • #3
    • 18th Mar 15, 3:26 PM
    Struggling to understand the maths behind this...govt will give 50 for every 200 saved up to a limit of 3000. And yet the ISA can be open for a max of 4 years which, even with the extra 1000 at the start, means savers can only save a max of 10,600 (2650 interest)??
    Last edited by mpa91; 18-03-2015 at 3:34 PM.
  • Siani81
    • #4
    • 18th Mar 15, 3:51 PM
    • #4
    • 18th Mar 15, 3:51 PM
    Struggling to understand the maths behind this...govt will give 50 for every 200 saved up to a limit of 3000. And yet the ISA can be open for a max of 4 years which, even with the extra 1000 at the start, means savers can only save a max of 10,600 (2650 interest)??
    Originally posted by mpa91
    This, and also with the saving limit of 200pm, if I wanted to save more would I have to use a non-ISA account?

    Maybe it's too early for the details...
    • hotnuts21
    • By hotnuts21 18th Mar 15, 3:59 PM
    • 57 Posts
    • 7 Thanks
    hotnuts21
    • #5
    • 18th Mar 15, 3:59 PM
    • #5
    • 18th Mar 15, 3:59 PM
    Yeah im struggling with the maths unless your allowed to lump in 1000 each year, your never going to get to the 12k required for the 3k bonus!

    Very odd.

    Plus what happens if you buy a joint house and your partner already owns a home but your a first time buyer.

    ALSO does this count towards your ISA allowance, are you allowed to open one of these alongside a normal isa? Im planning on getting a new ISA in April, which may mean I cant get one of these in the Autumn unless I hold off!
    Last edited by hotnuts21; 18-03-2015 at 4:06 PM.
  • Rollinghills
    • #6
    • 18th Mar 15, 4:35 PM
    • #6
    • 18th Mar 15, 4:35 PM
    NEW accounts will be available for 4 years but once an account is open it sounds there is no limit for how long it can remain open, potentially many years I suppose. Might be an idea to open one for children over 16.
    • MarkBargain
    • By MarkBargain 18th Mar 15, 5:20 PM
    • 1,623 Posts
    • 712 Thanks
    MarkBargain
    • #7
    • 18th Mar 15, 5:20 PM
    • #7
    • 18th Mar 15, 5:20 PM
    Perhaps it is because it is an election gimmick, which will only serve to push up house prices further at tax payers' expense. Instead the money could be spent building new houses.
  • Stevekarch
    • #8
    • 18th Mar 15, 5:24 PM
    • #8
    • 18th Mar 15, 5:24 PM
    Has anyone heard how this might apply to self build?
  • Accordion lady
    • #9
    • 18th Mar 15, 5:33 PM
    • #9
    • 18th Mar 15, 5:33 PM
    Hi!
    I'm a first time buyer but the way mortgage lenders calculate self employed income means I don't qualify for a mortgage for myself so I'm considering buy to let.
    If I bought a buy to let property would I still qualify for this deal as I still wouldn't have my first home - so to speak!
    Many thanks in advance.
    • jaxkesa
    • By jaxkesa 18th Mar 15, 6:18 PM
    • 253 Posts
    • 69 Thanks
    jaxkesa
    House prices up to 250,000 outside of London makes it fairly useless for a those of us in the south-east.
    • kerri gt
    • By kerri gt 18th Mar 15, 6:44 PM
    • 8,144 Posts
    • 54,009 Thanks
    kerri gt
    Perhaps I need to do the maths, but I really fail to see how this 'bonus' is going to have any real impact for first time buyers when you calculate how fast house prices are currently rising. A 10% deposit for the area I live it is 25k - 30k and rising.
    Feb 2015 NSD Challenge 8/12
    JAN NSD 11/16


    • plunt
    • By plunt 18th Mar 15, 6:46 PM
    • 506 Posts
    • 203 Thanks
    plunt
    Hmmm my partner is a first time buyer. If she buys into the property I own so it turns into joint ownership does that count? As the charge her stamp duty on the consideration ! Also we aren't married

    And finally if it is allowed will the value of the property for the purposes of the restriction be the full property value or her share of the property. This could open many doors for people!
    • brit1234
    • By brit1234 18th Mar 15, 7:02 PM
    • 5,191 Posts
    • 11,968 Thanks
    brit1234
    Its a gimmick unless you are in the cheaper parts of the country where homes are about 50k. However in London and the South East its useless where prices are far higher and deposits need to be bigger.

    Infact I have had far more than today's Torries 3k (over 4 years) give away stolen from my house deposit with George Osbornes Funding for Lending scheme which has decimated peoples savings.

    The Conservatives have killed savings accounts and thrown every type of stimulus possible to re-inflate the housing bubble and price out first time buyers.

    Scams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

    Save our Savers
    • Wilma33
    • By Wilma33 18th Mar 15, 8:03 PM
    • 647 Posts
    • 1,377 Thanks
    Wilma33
    "you'll get a voucher for the bonus which will go straight to your mortgage lender"


    So can you not use the scheme if you buy a house with cash (no mortgage)?
    • princeofpounds
    • By princeofpounds 18th Mar 15, 8:11 PM
    • 7,733 Posts
    • 10,175 Thanks
    princeofpounds
    Gimmickry. (and I say that despite being a supporter in general).

    Just allow people to actually build homes, rather than hoard land for intensive GM crop growing, grouse shooting, golf courses and pony livery.
    • happy_bunny
    • By happy_bunny 18th Mar 15, 8:12 PM
    • 4,480 Posts
    • 1,759 Thanks
    happy_bunny
    "you'll get a voucher for the bonus which will go straight to your mortgage lender"


    So can you not use the scheme if you buy a house with cash (no mortgage)?
    Originally posted by Wilma33
    I guess it's aimed at people struggling to get on the housing ladder with a mortgage. If people have the cash to buy a house, I guess they don't feel obliged to help
    • trevormax
    • By trevormax 18th Mar 15, 8:26 PM
    • 865 Posts
    • 882 Thanks
    trevormax
    So if I am reading this right, for every 200 I put in to this account, the government will give me 50 (to be paid when I buy the house).

    The maximum they will give me is 3,000 and the maximum I can put in to this account per month is 200 (or the maximum they will pay me is 50 per month) with the opening payment of 1,000 giving me a quick 250 payment (plus the first months saving of 200 for another 50).

    Using dodgy maths, for me to get the maximum benefit that they will pay me, I have to save in to it for 4 years 7 months (2,750 / 50 = 55 months or 4 years 7 months).

    Not of great use to me since I am planning to buy in a year or two. Shame I can't just put the maximum 12,000 in to the account now and get the full benefit of 3,000 paid towards the house I will buy.

    Still, I wont complain about free money so I will give it a shot.
    • dgtazzman
    • By dgtazzman 18th Mar 15, 8:51 PM
    • 1,117 Posts
    • 669 Thanks
    dgtazzman
    The whole idea seems rather pointless to me. Over the 4 years you are saving, that 3 grand is going to get eaten up by inflation and house price rises.

    Nice little gimmick, probably practically of no real use to 99% of those looking to buy a house, looking in my area where prices have shot up around 15% in the last 2 years and don't seem to be stopping anytime soon.
    • Randomjargon
    • By Randomjargon 18th Mar 15, 9:24 PM
    • 84 Posts
    • 90 Thanks
    Randomjargon
    Some people here are so bloody negative. A contribution to a house deposit of upto 3k...sounds good to me.

    Grow up...
  • andypandy86
    Well I'm a first time buyer about to buy - i'm guessing it won't be backdated? Our completion date is next month

    gutted I'm missing out on this I'd have definitely signed up for one!!!
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