So im starting to save for my first house after graduating a few years.. I was reading thru the Budget information released today and it says something about having a 'new to buy' 25% interest ISA account for mortgages for first time buyers. I have no understanding of anything financial and am wondering if someone can explain how this would work cause it all sounds too good to be true with 25 % interest?

Does anyone work in the financial advisory field can help me out?

Cheers

Whatever it all means (I haven't a clue) just remember that it all depends on this pack of monkeys getting re-elected at the up and coming election, as it doesn't take effect for quite some time. if the other pack of monkeys get in they may well scrap it and invent something else.

I hate politicians and politics...

it does read like that from autumn you might be able to open an account, 1k max starting deposit and then 200/month and for every 200 the government will add 50 to it, up to 3000 from them in total..

Yeah so that takes the total to £15k but thats per person so if my better half can get one also and make it £30k for the 2 of us..

not bad for I think I saw 4.5yrs saving if you can manage it. tho someone should probably say start a pension too !


don't envy anyone trying to get on the property ladder now

quote:

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Originally posted by David Jenkins
Whatever it all means (I haven't a clue) just remember that it all depends on this pack of monkeys getting re-elected at the up and coming election, as it doesn't take effect for quite some time. if the other pack of monkeys get in they may well scrap it and invent something else.

I hate politicians and politics...

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It's an attempt to buy your vote come election time

As ever, the devil is in the detail.....