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  • FIRST POST
    • makemerich12
    • By makemerich12 6th May 18, 9:45 PM
    • 69Posts
    • 13Thanks
    makemerich12
    Saving for a house
    • #1
    • 6th May 18, 9:45 PM
    Saving for a house 6th May 18 at 9:45 PM
    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 ?
Page 1
    • Zorillo
    • By Zorillo 7th May 18, 7:32 AM
    • 163 Posts
    • 87 Thanks
    Zorillo
    • #2
    • 7th May 18, 7:32 AM
    • #2
    • 7th May 18, 7:32 AM
    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/
    • makemerich12
    • By makemerich12 10th May 18, 2:08 PM
    • 69 Posts
    • 13 Thanks
    makemerich12
    • #3
    • 10th May 18, 2:08 PM
    • #3
    • 10th May 18, 2:08 PM
    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 currently
    • Paul_DNAP
    • By Paul_DNAP 10th May 18, 3:37 PM
    • 68 Posts
    • 81 Thanks
    Paul_DNAP
    • #4
    • 10th May 18, 3:37 PM
    • #4
    • 10th May 18, 3:37 PM
    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.)
    • makemerich12
    • By makemerich12 11th May 18, 1:17 AM
    • 69 Posts
    • 13 Thanks
    makemerich12
    • #5
    • 11th May 18, 1:17 AM
    • #5
    • 11th May 18, 1:17 AM
    Ah so before i go ahead with this, are there any better isa's available with the no penalty charge ?
    • Alexland
    • By Alexland 11th May 18, 6:54 AM
    • 2,389 Posts
    • 1,791 Thanks
    Alexland
    • #6
    • 11th May 18, 6:54 AM
    • #6
    • 11th May 18, 6:54 AM
    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.
    • AirlieBird
    • By AirlieBird 11th May 18, 7:54 AM
    • 1,022 Posts
    • 834 Thanks
    AirlieBird
    • #7
    • 11th May 18, 7:54 AM
    • #7
    • 11th May 18, 7:54 AM
    Ah so before i go ahead with this, are there any better isa's available with the no penalty charge ?
    Originally posted by makemerich12
    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.htm
    Did you really mean to put loose?
    Lose: no longer possess, not to retain, unable to find
    Loose: not firmly or tightly fixed in place
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