8 thoughts on “How I Got Kicked In The Millennials By The Help To Buy ISA

  1. This is too bad. Do you think there is anything the government will do to let you take your money out if that is what you want?
    Canada launched the TFSA (tax free savings account) in 2009 and for the first year people were a little unclear with the rules. If you withdraw money you usually can’t deposit it back in to the account in the same year without being hit with over-deposit fees. Most of those were waved by the government when it came to tax time since it wasn’t very clear directions.
    Sarah @ Couple of Sense recently posted…A Penny Saved So They SayMy Profile

    1. Hi Sarah, I’ll be able to get the money I have put into it, but I can’t use the promised 25% add on from the government for my mortgage, which was the whole point in getting one. Very annoying and misleading!

  2. I’ve just been off the phone to Halifax who agreed that the scheme was mis-sold to their customers. They seem to be taking the matter very seriously and said that, whilst they haven’t got a resolution at the time being, they are reviewing the issue over the next few weeks and will get back to us with a resolution within 8 weeks. My partner and I had an offer accepted on a house just over a month ago and, having the survey completed with no issues and the current home owners moving quickly forward with the purchase of their new property, I’m worried that 8 weeks will not be quick enough. We were expecting an additional £1350 towards our deposit thanks to the government’s bonus, but now that we cannot access this money until after the completion, we need to try and find that money elsewhere. We’re afraid the sale of this property could fall through if we cannot find it.

    1. That’s terrible Dan I really hope you manage to get sorted. It’s really unfair what they have done, they have hung us out to dry big time! The least they could do is compensate you!

  3. House buying the uk is ridiculous. My partner and I both have secure, albeit low paying jobs. We’ve never missed bill/rent payment but can only get a mortgage for a tiny amount (certainly not enough to buy a house). It’s crazy because I can save more than my friends on higher wages because I don’t need to commute and we run one (paid off) car. Even if we saved up a £20,000 deposit, we still couldn’t get a big enough mortgage D:
    Caroline recently posted…How to get up earlierMy Profile

    1. House prices have made it extremely difficult now. I’m moving further away when we have the deposit because the house prices in Warrington are a 3rd of the price in Altrincham. Have you looked into matched betting to make some extra cash? Go and check my blog on it if you haven’t already heard of it, it could be a great way to boost your income!

  4. The problem is, the government comes up with these headline grabbing good news stories before working out how on earth it will work… Obviously this hasn’t worked. The last fairytale story was the lifetime ISA, which I think comes in in April. This is a help to buy ISA for first time buyers and a pension ISA for everyone else. Sounds lovely in theory, but all the data going back and forth between all the banks and good ol’ reliable HMRC… well, I think we can see where this is heading. Hope this doesn’t ruin the sale for you 🙁

    1. The Lifetime ISA can leave you seriously out of pocket compared to some retirement schemes. It is always worth checking that you aren’t losing out on a ton of interest elsewhere. Plus, you cannot draw it until aged 60, so if you had planned on early retirement you’d have to wait to get your money. It’s a no from me!

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