Osborne In Hiding?

[Gromit]

Have you heard of the Help to Buy ISA fiasco.

The scheme was introduced by George Osborne, with much fanfare. The idea was sold that a Government ISA giving generous returns would help first time buyers get on the housing ladder.

Unfortunately first time buyers are now being told they cannot use their 25% bonus from the Government to put a deposit on a home. That was the whole point of the scheme.

Osborne's scheme was a crock of *** that is now hitting the fan. And the man has disappeared. Not a word from him. No apology to the thousands of savers he duped. No admission of his incompetance. We are truly well rid of this disaster of a Chancellor.

http://www.standard.co.uk/news/politics/help-to-buy-isa-scheme-branded-a-scandal-by-financial-experts-over-home-deposit-flaw-a3325361.html

[Jackdaw33]

No wonder May ditched him pretty sharpish.

[ToraToraTora]

it's payable on completion surely we don't want to give out public money unless it is actually used as intended. Note sure what the problem is Gromit, are you saying they should dole out the "bonus" anyway?

[Jackdaw33]

For someone so relatively young, to have risen to the rank of Chancellor and First Secretary of State, effectively no 2 in the hierarchy, to be dismissed without ceremony must be personally humiliating. No wonder he keeps his head below the parapet.

[woofgang]

Apparently the rules have always been payment on completion and I can see why.

[youngmafbog]

He wont be in hiding over this though. My youngest looked at this product and dismissed it immediately.

Gideon will be in hiding for his outrageous exaggerations and scaremongering for Project Fear that are being continually shown to be unfounded.

I could never stand the man and is smirking chops. I reckon he was the kid that had is head down the bog whilst someone pulled the chain on a daily basis.

[ToraToraTora]

so gromit can you clarify, are you saying that we should be giving public money away without the proviso that it is used to buy a house? Struggling to see what you are getting at here.

[youngmafbog]

Gromit is complaining because people didnt read the small print.

You should have picked another topic to attack Gideon Gromit, there are plenty of real valid ones.

[Gromit]

It isn't people not reading the small print - the ISA was mis-sold.

// The Government’s much vaunted Help to Buy Isa was on Friday described as a “scandal” after it emerged that first-time buyers will not be able to use it for an initial deposit on their new home.

More than 500,000 savers have opened the accounts after being told by George Osborne, the former chancellor, that it provided “direct government support” for those saving for a deposit, as a way of getting “Generation Rent” on to the housing ladder.

But on Friday it emerged that a flaw in the scheme means a 25 per cent government “bonus” on savings will not be paid out until the sale has completed.

Experts say this renders the scheme technically useless as it is designed for those who are struggling to find the initial outlay involved in buying a home and means they will still be reliant on loans from their parents, if available. //

http://www.telegraph.co.uk/news/2016/08/19/help-to-buy-isa-scandal-500000-first-time-buyers-told-scheme-can/

[ToraToraTora]

it's a "help to buy" gromit, the clue is in the name, it's not a give some dosh to any muppet so they may have a chance to buy a house - scheme. How do you suggest it should work? Surely the money expected from the government can be factored into the conveyancing process. I don't see what the fuss is all about.

[Gromit]

Tora,

But it is no help.
You can only gain from it once you have bought a house.
It was intended to make saving for your depisit easier. But it was a con.

[ToraToraTora]

Not true, the money can be used in the completion calculation. When actual completion takes place it is paid. How do you think is should/can work?

[BRIGHT SPARK]

The bonus is paid together with other monies within the ISA account and any other organised loans at the time/date arranged by the conveyancer.As TTT points out ..there aint another way.