News1 min ago
Help To Buy Isa
20 Answers
OK AB, I actually need some intellectual help.
I've had a look and NatWest say that if i get a help to buy ISA, they want me to put £200 in a month, and the Gov will put in £50 (if i get it before the 29th). I'm sure I could put in less but to get the full benefit i'd need to put in at least £100.
I simply can't afford this, and in fact wouldn't be able to put that much in a month anyway.
Is it worth perusing, if I wouldn't see the full benefit like others may? People in my social circles are telling me to get one, but I just don't see the point whilst i'm living paycheck to paycheck.
What do others think?
Would it be worth getting one, and only putting in £50 a month?
I've had a look and NatWest say that if i get a help to buy ISA, they want me to put £200 in a month, and the Gov will put in £50 (if i get it before the 29th). I'm sure I could put in less but to get the full benefit i'd need to put in at least £100.
I simply can't afford this, and in fact wouldn't be able to put that much in a month anyway.
Is it worth perusing, if I wouldn't see the full benefit like others may? People in my social circles are telling me to get one, but I just don't see the point whilst i'm living paycheck to paycheck.
What do others think?
Would it be worth getting one, and only putting in £50 a month?
Answers
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I just had a look. You will get the savings account only for the next 10 years (scheme closes in 2029) In that time you will have to have saved 1,600 to get anything and you will get 400. You will also have had to save up enough for the deposit, solicitors costs and so on as the govt payment is only payable at the point where you actually pay for the house. Good clear...
10:13 Fri 08th Nov 2019
I just had a look. You will get the savings account only for the next 10 years (scheme closes in 2029) In that time you will have to have saved 1,600 to get anything and you will get 400. You will also have had to save up enough for the deposit, solicitors costs and so on as the govt payment is only payable at the point where you actually pay for the house. Good clear explanation here. If the account you are thinking of is interste bearing apart from the gov.t top up and if you have access to your money before you buy the house then maybe worth thinking about but to me unless you are sure you will make the amount AND are sure you will be able to buy AND you are sure you can also amass the other costs of buying and the deposit AND you have another lot of savings to cover life's emergencies then if it was me I wouldn't do it. https:/
An immediate 20% increase before the ISA does it's thing, is not to be sneezed at. But you need to convince yourself of the 2 vital things. a. You can afford to save at a reasonable rate, and b. You will buy a place in the foreseeable future.
£5 a month, as woofie points out, ain't going to achieve enough. May as well save it elsewhere and miss out on the public 20% top-up.
£5 a month, as woofie points out, ain't going to achieve enough. May as well save it elsewhere and miss out on the public 20% top-up.
Even £100-200 a month aren't much really if you haven't any other savings already and want to get enough for a decent deposit. I think the £5 a month idea though is that you set the account up before it's too late and then you have the option of adding more if and when you can afford it- hopefully at some stage you may be in a position to save £200 a month or more and if you do decide in future that you can't save anything after all then at least you will still be able to get your initial £5 back.
The other problem you will encounter is getting a Mortgage. If you can only save a very small amount and do not have much income during the winter, you are not going to be able to prove to any Bank that you can meet the monthly repayments. As mentioned this type of ISA must be used to buy a property.
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