Annons:
Taghow-to
Read 1199 times
Leia
2019-09-09 17:20

How does the UK help-to-buy ISA work?

Fundamentally, a Help to Buy ISA means that the government will add 25% to your savings, up to a maximum of £3,000 on savings of £12,000, to Help you buy your first home. 

Having just graduated, the next step for me appears to be looking for a job and saving to buy my own house. However, due to the current housing crisis and no access to the Bank of Mum and Dad, this help-to-buy ISA seems the best means of going forward to become a homeowner!

If you're in a similar situation as I am, the deadline for applying for this scheme is 30 November, which is less than two months away. 

Worried you don't have any savings or thousands of pounds to start it within that time?

Appearing on Good Morning Britan last Friday, everyones favourite Money Saving Expert Martin Lewis as now advised people who are not yet on the property ladder to open a Help to Buy ISA with just £1 so you do not miss out on the scheme.  You can then decide later whether you will use the ISA. 

Not from the UK? what is in place to Help you climb the property ladder?

All the best, Leia

Host of  Gluten-Free Living | News  | English Language Heart

Annons:
jordan
2019-09-09 20:42
#1

I've recently been telling my friends about how they need to get on this scheme! It will certainly Help with the ever rising price of buying a home!

Tammie
2019-09-09 21:44
#2

When I bought my first home as a single person. Totally on my own with no one else on the loan. I found that there was a law in which I could use $10,000 dollars from my IRA account as a down payment. Normally, using IRA funds would cause a penalty but there was this rule allowing the penalty to be waived for a “first time buyer.” IRA accounts are for retirement and you normally have to be over 62 to access them. It really helped me in the purchase of my first home.

Happy creating!

Tammie

Host of Paints and Crafts

Leia
2019-09-10 19:52
#3

#1 Have you signed up yourself?

#2 Oh that's really good! Do young people struggle to get on the housing market in the US?

All the best, Leia

Host of  Gluten-Free Living | News  | English Language Heart

Tammie
2019-09-10 21:26
#4

Yes, they do!

Happy creating!

Tammie

Host of Paints and Crafts

Niklas
2019-09-11 10:38
#5

Sorry, but I don’t know what ISA and IRA (probably not Irish Republican Army, as I was taught growing up) stand for.


Best regards, Niklas 🎈

jordan
2019-09-11 15:30
#6

#5 It stands for Individual Savings Account 🙂 Many banks in the UK offer it as a way to build up interest.

#1 I'm in the process of it! Need to make sure I find the right one for me !

Annons:
Leia
2019-09-11 17:15
#7

#6 I'd love to hear which you think is best, I'm currently in the process too. My initial thought is to go with NatWest.

All the best, Leia

Host of  Gluten-Free Living | News  | English Language Heart

Max
2019-09-17 06:19
#8

It does seem to be a sensible thing to take if you are in your situation. In general these schemes are just political meddling to avoid addressing the fundamental problems which are usually politically difficult to address. The additional transactional costs in this type of scheme make it an inefficient way of dealing with the problem. In general this type of scheme serves to push up the prices of the sorts of houses the punters are buying. Fundamentally the Government needs to look at the fundamental supply and demand. Planning permission regulations need to overcome NIMBYIsm to allow more houses to be built in the areas of the country where people want to live. Health/safety regulations /red tape needs to be dialed back to stop heaping unnecessary costs, disincentives /tax for foreigners buying and leaving empty for investment /money laundering purposes etc etc.

Leia
2019-09-17 11:14
#9

#8 I completely agree! It’s the best thing available at this moment but a drastic change needs to happen if we want to fix the current housing crisis.

All the best, Leia

Host of  Gluten-Free Living | News  | English Language Heart

Niklas
2019-09-17 14:14
#10

Do cities and governments have a responsibility to accommodate for everyone to live where they want to live? The situation is similar in Sweden. Most people live in or around the larger cities, and more are coming every day. The community I live in is building to make room for another 20 or 30 thousand people within a decade or two. As a current resident, I don’t see any real upside to this, other than being kind to those wanting to move here. For me, it means fewer parks and green areas. More traffic and noise.


Best regards, Niklas 🎈

Max
2019-09-17 17:21
#11

It's a muddle and very complicated in the UK. It all depends on your ability to "play the system", this in turn largely depends on your contacts with people who have already played the system and know the way to exploit the bureaucratic rules and regulations.

Scroll to top
Annons: