Help to Buy ISA explained: Martin Lewis 

Why is that? So us it waste of time?

Nope

@@CaptainLaika That's great, thanks 👍

Kimberleigh Reeves yes

+Game Ovais No, any home.

They claim you have to intend on living in it.

No, it's help to buy, not help to rent.

+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.

You can't and you cant put lump sums in (apart from the first month, which you can put 1200)

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.

+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?

Love Truth no. 3k max

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.

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

You can change the playback speed by clicking on the settings (cogwheel)

+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