How many years will it take to save up to £250 000 including the bonus if you save £200 each month I think it can take more than ten years even if you get bonus from the government and imagine this help to buy ISA will expire in 2019. Will I be able to buy a house by the time?
Problem is house builders have put there house prices up because of this ontop of this they throw a dodgy lease in that makes the house really hard to sell in the future
Can I ask what happens if I decide to go ahead with garage conversion while still under the help to bye.. Will they fine me if I do it without thier permession??will they raise any legal proceedings against me or possess the house? I think they will charge me 20% of the cuurent value of the property when we pay off the loan which i am happy to pay as long as there is no legal proceedings. Any thoughts or advice.
Can I withdraw money if invested in help to buy and then change my mind no buying house? Also can I still maintain my stocks and shares isa in the same year as help to buy isa? Thanks in advance.
Can you use H2B ISA for shared ownership costing £125k but the overall amount is more than £250k? Also that isn't bought through a H2B agent? Will you still get the bonus?
Are Help to Buy ISA contributions from the government considered as public funds for people who are subject to immigration control i.e. residents of the UK but aren’t UK citizens?
What I'd really like to know is : Can two first time buyers who both have help to buy ISA's get the bonus if spending both ISA's on the same single property?
I'm sure martin lewis saves people a lot of money but when he talks I wish he would stop and breathe he talks at some speed by the time he is finished I'm confused lol
Is there a cap on how much the 25% that the government provide? Like if you had £10,000 in the ISA, would you get an additional £2,500 when you purchase a house?
+Steven Unsworth The most you'll get the bonus on is £12,000 (so a £3,000 bonus). If you have more than that, you can still use the ISA to save, you just won't get more than £3,000 on top.
I’ve saved in my help to buy isa for about 3 years now but I’ve only just heard it’s not to be used as a deposit... can someone explain to me what it actually is
I hear the same thing Joe. I don't understand how it works at all because the money goes on the property after everything is complete so i dont get how its helping with a deposit like they say
This might be a bit late since your comment is old, but the raw cash you save can be used towards the deposit. The bonus from the government is taken off the initial mortgage amount, but you can't use it to give yourself just enough cash to meet your required deposit. E.g. if you need a deposit of £10,000 (simple numbers) and you have £8,000 saved in your help to buy ISA, the bonus you're entitled to is £2000, but you can't use this to meet your deposit requirement of £10,000. You need to find the extra £2000 yourself, and then the £2000 bonus from the government is used to reduce your mortgage amount by £2000.
This is shit! I tried to open a "help to buy ISA" but was told that I can't because I've paid into a cash ISA/Savings already this tax year. The government are saying initially you can deposit £1000 plus the £200 monthly allowance.... So either way, I put in £200 a month, what am I supposed to do with the rest of the money I could save?? This is a stupid scheme and seems only for people that are only able to put £200 a month into their mortgage fund thus taking them 5 years to get to the 12k.... which by that point labour will have won the next election and this scheme will be scrapped!
It's only if you've paid into another ISA in the same tax year. That's the same with any ISA. You don't have to put 200 in, that's just the maximum. They work it out at 25% overall when you go to withdraw.
So just seems a bit unfair really. I think it's a great idea but only for people on the absolute lowest incomes that haven't been in control of their finances in the past
Even if you can't afford a home it's still worth getting as it has one of the highest interest rates of any ISA. You get 4.0% on anything you put in no matter how small.
+explorer47422 it is a great idea and great that things like this are being done to help first time buyers. But muppets like me that were managing their money before Themis scheme came out unfortunately can't have this opportunity.
@@Yimello That's exactly the problem, in the south £250k isn't a huge amount. Where I live outside of London, 1 bedroom flats start at £260k. Obviously not everyone live in the south, but people do, that are not in London and can't use this scheme. Not everyone lives in the poor parts of the UK 😁.
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What a load of rubbish. 3k maximum? That's poor. Osborne's new Lifetime ISA gives you 1k a year from the age of 20-50, potentially 30k! Vastly superior to this.
+sithius99 the Lifetime ISA wasn't out when this was made. Martin said that you can get a HTB now and transfer it over to a Lifetime next year when they start
Can I ask what happens if I decide to go ahead with garage conversion while still under the help to bye.. Will they fine me if I do it without thier permession??will they raise any legal proceedings against me or possess the house? I think they will charge me 20% of the cuurent value of the property when we pay off the loan which i am happy to pay as long as there is no legal proceedings. Any thoughts or advice.
good luck finding a decent house in London for 450k
What can you use the bonus on?
How many years will it take to save up to £250 000 including the bonus if you save £200 each month I think it can take more than ten years even if you get bonus from the government and imagine this help to buy ISA will expire in 2019.
Will I be able to buy a house by the time?
The views must have shot up in the last month
The bonus can’t be used for the deposit, having issues with this at the moment so make sure you have enough for a deposit without the bonus.
Why is that? So us it waste of time?
Problem is house builders have put there house prices up because of this ontop of this they throw a dodgy lease in that makes the house really hard to sell in the future
This 3K bonus, does that include the interest rate?
Can I deposit multiple times as long as it does not exceed its monthly limit???? Thank you
@@CaptainLaika That's great, thanks 👍
You can NOT use this money towards your deposit, it comes off your morgatage at the end
Can I ask what happens if I decide to go ahead with garage conversion while still under the help to bye.. Will they fine me if I do it without thier permession??will they raise any legal proceedings against me or possess the house?
I think they will charge me 20% of the cuurent value of the property when we pay off the loan which i am happy to pay as long as there is no legal proceedings. Any thoughts or advice.
Can anyone use this is they are first time buyers but buying a flat with cash -- no mortgage needed --- as parents are lending monies
Can I withdraw money if invested in help to buy and then change my mind no buying house? Also can I still maintain my stocks and shares isa in the same year as help to buy isa? Thanks in advance.
Can you use H2B ISA for shared ownership costing £125k but the overall amount is more than £250k? Also that isn't bought through a H2B agent? Will you still get the bonus?
Can you get the 25% from the government as a first time buyer if the house is over £250k outside London?
Nope
Are Help to Buy ISA contributions from the government considered as public funds for people who are subject to immigration control i.e. residents of the UK but aren’t UK citizens?
Thanks so much I'm a nurse buying a house in faringdon and can't wait to move it
Hi. Is there any limit of bonus I can earn?
Can you get a help to buy isa when you don’t have great credit?
Kimberleigh Reeves yes
Can you use this for a rental property if you’ve never owned a house?
No, it's help to buy, not help to rent.
What I'd really like to know is : Can two first time buyers who both have help to buy ISA's get the bonus if spending both ISA's on the same single property?
+Moïra Lemesle
Yes, it is allowed.
Yes. If both of you are putting in the maximum amount, you will end up with double the bonus (between you) that a single person would get.
@@zoeredadams Does the £250k price limit double to £500k since two applicants? Can't find an answer anywhere.
Can you do this even on a first investment property?
They claim you have to intend on living in it.
I'm sure martin lewis saves people a lot of money but when he talks I wish he would stop and breathe he talks at some speed by the time he is finished I'm confused lol
Does it matter if you buy or a new or older home?
+Game Ovais No, any home.
i love you. You make me less dumb.
What if I want to put more than 200 a month?
You can't and you cant put lump sums in (apart from the first month, which you can put 1200)
Can I save for 3 years ?
Is there a cap on how much the 25% that the government provide? Like if you had £10,000 in the ISA, would you get an additional £2,500 when you purchase a house?
+Steven Unsworth The most you'll get the bonus on is £12,000 (so a £3,000 bonus). If you have more than that, you can still use the ISA to save, you just won't get more than £3,000 on top.
Ahh thank you very much for letting me know!
Tom C what if I have £24 000 in my account. Will I get £6000 as bonus from the government?
I’ve saved in my help to buy isa for about 3 years now but I’ve only just heard it’s not to be used as a deposit... can someone explain to me what it actually is
Joe Illingworth it is to save for a deposit, research on the web for banks like Barclays to confirm this
I hear the same thing Joe. I don't understand how it works at all because the money goes on the property after everything is complete so i dont get how its helping with a deposit like they say
This might be a bit late since your comment is old, but the raw cash you save can be used towards the deposit. The bonus from the government is taken off the initial mortgage amount, but you can't use it to give yourself just enough cash to meet your required deposit.
E.g. if you need a deposit of £10,000 (simple numbers) and you have £8,000 saved in your help to buy ISA, the bonus you're entitled to is £2000, but you can't use this to meet your deposit requirement of £10,000. You need to find the extra £2000 yourself, and then the £2000 bonus from the government is used to reduce your mortgage amount by £2000.
This is shit! I tried to open a "help to buy ISA" but was told that I can't because I've paid into a cash ISA/Savings already this tax year.
The government are saying initially you can deposit £1000 plus the £200 monthly allowance.... So either way, I put in £200 a month, what am I supposed to do with the rest of the money I could save?? This is a stupid scheme and seems only for people that are only able to put £200 a month into their mortgage fund thus taking them 5 years to get to the 12k.... which by that point labour will have won the next election and this scheme will be scrapped!
It's only if you've paid into another ISA in the same tax year. That's the same with any ISA. You don't have to put 200 in, that's just the maximum. They work it out at 25% overall when you go to withdraw.
+explorer47422 what I am saying is that the one I paid into was 0.25% the help to buy is essentially 25%.... I'd prefer the 25% to be honest
So just seems a bit unfair really. I think it's a great idea but only for people on the absolute lowest incomes that haven't been in control of their finances in the past
Even if you can't afford a home it's still worth getting as it has one of the highest interest rates of any ISA. You get 4.0% on anything you put in no matter how small.
+explorer47422 it is a great idea and great that things like this are being done to help first time buyers. But muppets like me that were managing their money before Themis scheme came out unfortunately can't have this opportunity.
£250k is nothing, there's not a huge amount of choice. It should be 300k minimum.
Where I live for £250k you can get a 3 bedroom detached with a decent sized garden. Not everyone lives in the south.
@@Yimello That's exactly the problem, in the south £250k isn't a huge amount. Where I live outside of London, 1 bedroom flats start at £260k. Obviously not everyone live in the south, but people do, that are not in London and can't use this scheme. Not everyone lives in the poor parts of the UK 😁.
@@hippopotamus86 Cheeky little dig there at the end while living in a congested shit hole
Exactly it is ridiculous ...... in many areas £250 is just not enough at all --- @@hippopotamus86
Please speak slower Martin.....
You can change the playback speed by clicking on the settings (cogwheel)
I have spent months researching cutting costs while on cruises and discovered an awesome resource at Carls Cruise Cutter (google it if you are interested)
Зо
What a load of rubbish. 3k maximum? That's poor. Osborne's new Lifetime ISA gives you 1k a year from the age of 20-50, potentially 30k! Vastly superior to this.
+sithius99 the Lifetime ISA wasn't out when this was made. Martin said that you can get a HTB now and transfer it over to a Lifetime next year when they start
Can I ask what happens if I decide to go ahead with garage conversion while still under the help to bye.. Will they fine me if I do it without thier permession??will they raise any legal proceedings against me or possess the house?
I think they will charge me 20% of the cuurent value of the property when we pay off the loan which i am happy to pay as long as there is no legal proceedings. Any thoughts or advice.