We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Saving for a house
makemerich12
Posts: 168 Forumite
I'm currently working on a rolling contract earning around 700-1000 every two weeks with 17k saved up earning 0.55 apr, I was wondering if i could get a better option to up my money ?
0
Comments
-
Under 40? First time buyer? A LISA will pay you £1k bonus on the first £4k.
https://www.moneysavingexpert.com/savings/lifetime-ISAs?_ga=2.16317118.985454068.1515702575-1526580856.1513465576
Otherwise, and for the rest:
https://www.moneysavingexpert.com/banking/0 -
Ok, I've come up with the idea my best solution would be to go with Barclays help to buy earning 2.53%, The only question I have as someone who's currently got around 13k saved up earning 0.55% with £200 a month going in is with a hsbc isa is-
What happens if i either I inheired a house or just simply needed the cash I've saved up with the help to buy? Could I simply just walk away? that's the issue I'm having as I'd like to start learning to save better then I am currently0 -
With the help-to-buy ISA you can get your money any time you want and for any purpose, but if you use the money for anything other than towards the mortgage deposit on your first house purchase then you won't be eligible for the 25% bonus from the government.(Although I could be wrong, I often am.)0
-
Ah so before i go ahead with this, are there any better isa's available with the no penalty charge ?0
-
With a HTB ISA you would still get your original money back with interest - it's just that you would only get a 25% bonus if your purchase met certain conditions.So it wouldn't be a penalty as much as a lost opportunity.0
-
makemerich12 wrote: »Ah so before i go ahead with this, are there any better isa's available with the no penalty charge ?
Depends where you live. There are slightly better rates at a few local building societies in the North of England and West Midlands but they all have postcode restrictions as to who they are available to.
https://www.money.co.uk/savings-accounts/help-to-buy-isa.htmDid you really mean to put loose?
Lose: no longer possess, not to retain, unable to find
Loose: not firmly or tightly fixed in place0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.6K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.7K Work, Benefits & Business
- 603.1K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards