News4 mins ago
Good Idea But Is £3K?? Far Too Little A Limit?
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The amount needed these days, £3k won't cover the costs!
The amount needed these days, £3k won't cover the costs!
Answers
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It's a freebie. You have to cover costs whether you have it or not.
I am quite resentful of the fact that for a period when I had a mortgage I was paying more per month for my £50k house than today's buyers because the interest rates were so blooming high. And of course my salary was meagre in comparison to today's earners.
I am quite resentful of the fact that for a period when I had a mortgage I was paying more per month for my £50k house than today's buyers because the interest rates were so blooming high. And of course my salary was meagre in comparison to today's earners.
TTT...this is not too bad.
"The amounts saved will be 'topped up' by a Government bonus of up to 25% to a maximum £3,000, at the point of house purchase"
As I understand that, it means that the maximum that the Government would put in is the "bonus" of 25%, ie £3000. So that would be added to the £12,000 that a person had saved up, giving a total of £15,000. If its a couple, than the total amount could be £30,000.
I hope my maths is OK there !
If this new ISA savings are added to other ISA savings, then over 4 years, a reasonable sum could be accrued. Not good enough for London, but not bad for elsewhere, and in areas of South Wales, very helpful.
I benefitted from a similar scheme in the late 70's, although the amounts were much smaller, as were house prices !
"The amounts saved will be 'topped up' by a Government bonus of up to 25% to a maximum £3,000, at the point of house purchase"
As I understand that, it means that the maximum that the Government would put in is the "bonus" of 25%, ie £3000. So that would be added to the £12,000 that a person had saved up, giving a total of £15,000. If its a couple, than the total amount could be £30,000.
I hope my maths is OK there !
If this new ISA savings are added to other ISA savings, then over 4 years, a reasonable sum could be accrued. Not good enough for London, but not bad for elsewhere, and in areas of South Wales, very helpful.
I benefitted from a similar scheme in the late 70's, although the amounts were much smaller, as were house prices !
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