Savers have expressed their shock after it was revealed
the Government’s Help to Buy ISA cannot actually be used by first-time buyers
towards a deposit on a house. Paid in a lump sum, deposits are usually 10 per
cent of the total cost of a house and worth tens of thousands of pounds. They
are widely considered the largest obstacle to home ownership. But contrary to
how the scheme appears to have been portrayed, the ISA is not actually allowed
to contribute towards the deposit and instead can only be used after the house
purchase has been completed. This means it can only to be used towards the more
easily managed monthly mortgage payment. Read more on the Independent website.
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