When Sophie Barber opened a Help to Buy ISA in 2016, she hoped it would help her save towards a deposit for her first home. Introduced in 2015, the savings account allows holders to pay in £200 a month and receive a 25 per cent "top-up" from the Government. Savers can stash up to £12,000, receiving a £3,000 bonus.
But 27-year-old Barber, who lives in London, quickly realised that house prices were rising faster than a maximum saving of £15,000 could help with. There was also the property price cap (£250,000, rising to £450,000 in London) to contend with.
"[The] limit would make it almost impossible to use the ISA in the area I wanted to buy," she says. "I decided to open a LISA as a replacement in 2021 but I'm angry that I have wasted my time completely with the Help to Buy ISA."
This story is from the June 19, 2024 edition of Evening Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the June 19, 2024 edition of Evening Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Don't Want Botox? Then Try These Alternatives
From microcurrents to lasers, there are other ways to tackle ageing skin, says Madeleine Spencer
It's high time the Borthwick regime delivers on promise
England boss needs a statement win and the All Blacks are up first
Bukayo Saka
The making of a London icon
Even Ridley Scott thinks our big screens are epic
Outernet is now one of London's top attractions --but the man behind it isn't resting on his laurels
Laura Bailey on why Margate is her favourite escape in the UK
Incredible light, sea air, galleries galore and only two hours from Victoria: it's the model and photographer's dreamland...
The Old Operating Theatre
St Thomas Street, SE1
Can drugs like Ozempic really help to getthe economy firing again?
Labour's plan to give the unemployed weight-loss jabs may have unintended consequences, reports William Hosie
AI is the new frontier of perfumery...But just how fragrantare these scents?
Choosing a signature scent is a highly personal experience. Not only do preferences differ greatly, but certain perfumes react differently depending on your skin. Bergamot top notes may be intoxicating on one person's wrist, but seem soapy on another.
Is it time to ditch the apps and embrace the science of love at first sight?
The chemistry of love isn't just a romantic ideal - it's a scientific reality, discovers
A poetic puzzlebox
This lyrical novel sets out to dazzle and terrify