Help to Buy ISA Shambles – Exposed
Help to Buy Isa shambles: so are these accounts still worth it?
Help to Buy Isas are being revisited by hundreds of thousands of would-be home buyers after The Telegraph revealed a smallprint technicality which means they can’t be used as deposits for property purchases.
The Isas were described by George Osborne as “direct support” for “anyone saving for the deposit on their first home” when they were launched last year.
However, as exposed by The Telegraph, a flaw in the scheme means the 25pc government bonus is not allowed to be used for the deposit.
In fact it is not made available until the purchase of the property is finished, leaving numerous first time buyers with sudden holes in their finances and having to borrow money at the last minute – either from their bank or, more likely, friends and family.
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