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Saving for a mortgage - where should I keep my money?

(6 Posts)
Butterflies12345 Sun 19-Mar-17 14:07:36

I'm currently saving around 1K per month for a mortgage deposit for a house as a first time buyer. At the moment I'm just keeping my money in a savings account. I tried to open a Help to Buy ISA back in October, but the bank said there was no point as they were only four house purchases that would be completed before the end of 2016 (Scotland). They said to just keep the money where it is, since interest rates are so low.

Am I missing a trick/does anyone have any advice? I feel really clueless!

Thanks

ElisavetaFartsonira Sun 19-Mar-17 15:37:46

I would have said go with the HTB ISA, but I'm not in Scotland.

Notreallyhappy Sun 19-Mar-17 17:14:06

My ds looked into htb isa. One issue he found with them is if you use the 20% the government put in when you sell the house the government want 20% of any profit made.
Put the money in the highest rated savings you can find if your not needing the money.

Tobuyornot99 Sun 19-Mar-17 17:20:36

notreallyhappy are you sure he is properly informed? I have a help to buy ISA without any such strings attached.

ElisavetaFartsonira Sun 19-Mar-17 18:06:58

I wonder if you mean the original help to buy scheme where the government loans you part of the deposit?

JoJoSM2 Sun 19-Mar-17 21:46:56

From 06.04 you will be able to put 4K a year into the lLifetime ISA and it will get topped up by 25%. If you're looking to buy quite soon, then just persevere with savings accounts. If it's likely to take a few years then you could look at stock and shares ISAs.

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