Help to buy ISA with a boat?

[metal_snapper]

Hi folks,

I'm hoping some of you nice people on here work in the financial industry and will be able to answer my question.

I want to commission a new boat in approx 4-5 years to live on and be my full time residence.

Getting the funds together is for sure my biggest hurdle as the deposit required for a marine mortgage is much more than bricks and mortar one.

I'm presently paying my landlords mortgage, which isn't ideal.

I've hired many boats in the past in all seasons and I know this is the way I want to live.

 

Now I've done a bit of digging and cant seem to find a proper answer to see if I can use a 'help to buy ISA' to assist me with a purchase of a vessel.....I did find that I can take the money out of this ISA at any time but wont get the extra cash bonus from the govenment and that you need a solicitor to convey the money, so thats a way of getting more money out of you.

I'm sure theres poss some kind of claus to prevent you from using this system for a live aboard boat purchase but I thought it was worth asking.

 

Huge thanks ?

[dmr]

Buy a good second hand boat, it will be cheaper, probably better, and the money you save will be much more than any government contribution to your ISA.

 

More importantly never trust anything from the financial services industry, especially if there is a government involvement. You would be better off just using a good savings account; under the recent rule changes there is no longer a tax advantage to an ISA and the company running it will likely up their charges/lower the interest so that they rather than you pocket any government contribution.

 

................Dave

 

edited to get the words in the right order

Edited January 8, 2017 by dmr

[metal_snapper]

Hi Dave,

 

Thought as much......they are cunning these govenment people.

Many thanks.

 

Buy good a second hand boat, it will be cheaper, probably better, and the money you save will be much more than any government contribution to your ISA.

 

More importantly never trust anything from the financial services industry, especially if there is a government involvement. You would be better off just using a good savings account; under the recent rule changes there is nolonger a tax advantage to an ISA and the company running it will likely up their charges/lower the interest so that they rather than you pocket any government contribution.

 

................Dave

[Guest]

Buy a good second hand boat, it will be cheaper, probably better, and the money you save will be much more than any government contribution to your ISA.

 

More importantly never trust anything from the financial services industry, especially if there is a government involvement. You would be better off just using a good savings account; under the recent rule changes there is no longer a tax advantage to an ISA and the company running it will likely up their charges/lower the interest so that they rather than you pocket any government contribution.

 

................Dave

 

edited to get the words in the right order

Following two different experiences of late, I would agree 100%. Trust them at your peril.

[Boat&Bikes]

Despite the above replies a cash to buy ISA is very worth while looking at. However I doubt a boat purchase would qualify.

 

Ian.

[Guest]

Despite the above replies a cash to buy ISA is very worth while looking at. However I doubt a boat purchase would qualify.

 

Ian.

Good luck.

[Boat&Bikes]

Good luck.

With?

[Guest]

With?

As per DMR, anyhting to do with the government, financial services and investment. I have been screwed over twice recently. Can't say too much at the moment, but looks like I might win in the end. As Stan Ridgeway once sang "Things are never quite the way they seem."

[Boat&Bikes]

As per DMR, anyhting to do with the government, financial services and investment. I have been screwed over twice recently. Can't say too much at the moment, but looks like I might win in the end. As Stan Ridgeway once sang "Things are never quite the way they seem."

 

It is of no use to me. However the ISA in question is a great savings plan for many people. Nothing else touches it.

[Guest]

It is of no use to me. However the ISA in question is a great savings plan for many people. Nothing else touches it.

My experience has been different, we shall have to agree to differ.

[LoneWolf]

Buy a good second hand boat, it will be cheaper, probably better, and the money you save will be much more than any government contribution to your ISA.

 

More importantly never trust anything from the financial services industry, especially if there is a government involvement. You would be better off just using a good savings account; under the recent rule changes there is no longer a tax advantage to an ISA and the company running it will likely up their charges/lower the interest so that they rather than you pocket any government contribution.

 

................Dave

 

edited to get the words in the right order

 

 

Can't argue with any of that

 

to answer the question the OP asked: No, a boat purchase does not qualify for the '25% bonus' element of the so called Help to Buy ISA - you have to buy a 'eligible interest in land' that is also residential

[metal_snapper]

Thank you Ms. Wolf, that is the answer I required.

 

Can't argue with any of that

 

to answer the question the OP asked: No, a boat purchase does not qualify for the '25% bonus' element of the so called Help to Buy ISA - you have to buy a 'eligible interest in land' that is also residential

 

Edited January 8, 2017 by metal_snapper

[LoneWolf]

It is of no use to me. However the ISA in question is a great savings plan for many people. Nothing else touches it.

 

I'm going to have to disagree as well. The 'Help to Buy ISA' is giving poor deluded young folk a maximum of £3k to help them get themselves all mortgaged up so they trot off to their jobs every day too tired or worried to notice that all this country's funds are being hoovered up by those in power and their corporate and other mates

 

to sum up: a bad thing

Thank you Mr. Wolf, that is the answer I required.

 

 

it's Ms actually but you're welcome

[Boat&Bikes]

My experience has been different, we shall have to agree to differ.

Yes that's fine. Have a good night.

 

Ian.

I'm going to have to disagree as well. The 'Help to Buy ISA' is giving poor deluded young folk a maximum of £3k to help them get themselves all mortgaged up so they trot off to their jobs every day too tired or worried to notice that all this country's funds are being hoovered up by those in power and their corporate and other mates

 

to sum up: a bad thing

 

it's Ms actually but you're welcome

 

My two children have mortgages, enjoy work and are far from worried or over tired.

 

Ian.

[metal_snapper]

Huge apologies, I totally forgot to check the 'gender' field ☺️

Edited my post, and thanks again Ms. Wolf

I'm going to have to disagree as well. The 'Help to Buy ISA' is giving poor deluded young folk a maximum of £3k to help them get themselves all mortgaged up so they trot off to their jobs every day too tired or worried to notice that all this country's funds are being hoovered up by those in power and their corporate and other mates

 

to sum up: a bad thing

 

it's Ms actually but you're welcome

 

[junior]

Yep, ever since Tony Blair I wouldn't trust anything government related with a barge pole.

[cuthound]

Yep, ever since Tony Blair I wouldn't trust anything government related with a barge pole.

I came to the same conclusion when Ted Heath was in power

[magictime]

More importantly never trust anything from the financial services industry, especially if there is a government involvement. You would be better off just using a good savings account; under the recent rule changes there is no longer a tax advantage to an ISA and the company running it will likely up their charges/lower the interest so that they rather than you pocket any government contribution.

 

Firstly, a good savings account is something "from the financial services industry [with] government involvement" (in terms of tax, regulation, protection of savings) just as much as the Help to Buy ISA.

 

Secondly, if you put the maximum £200 a month in to a Help to Buy ISA, your 25% bonus is worth £600 for every year you save. You can't honestly believe bank charges on these accounts are close to £600 a year, or that interest rates on other savings accounts are so much higher that you could just as easily earn that £600 elsewhere.

 

 

The 'Help to Buy ISA' is giving poor deluded young folk a maximum of £3k to help them get themselves all mortgaged up so they trot off to their jobs every day too tired or worried to notice that all this country's funds are being hoovered up by those in power and their corporate and other mates

 

to sum up: a bad thing

 

Sorry, but how and why is getting "all mortgaged up" going to make young people any more tired, worried etc. than paying rent?

 

[Edited to remove misguided ramblings]

Edited January 9, 2017 by magictime

[Chewbacka]

It's most politicians rather than the government I don't trust (which is not quite the same thing), and the politicians I do trust to do what they say they will do are usually the ones I disagree with. I suspect I am not alone in feeling like this, so it's surprise fewer and fewer people are voting which is a bad thing.

[Laurie Booth]

I came to the same conclusion when Ted Heath was in power

Sir Robert Walpole, did it in for me.

Sorry, but how and why is getting "all mortgaged up" going to make young people any more tired, worried etc. than paying rent? And why would renters, of all people, somehow be oblivious to the hoovering up of money by the rich and powerful? For most people, surely, the moment they switch from paying rent to a landlord and start paying a mortgage on their own property is the moment they start building up some wealth of their own instead of adding to the wealth of their landlord.

And grow your own food to stop adding wealth to the shop owners.

[Guest]

Yep, ever since Tony Blair I wouldn't trust anything government related with a barge pole.

I tend to agree but it goes back a bit further for me.

[Graham Davis]

 

I'm going to have to disagree as well. The 'Help to Buy ISA' is giving poor deluded young folk a maximum of £3k to help them get themselves all mortgaged up so they trot off to their jobs every day too tired or worried to notice that all this country's funds are being hoovered up by those in power and their corporate and other mates

 

to sum up: a bad thing

 

it's Ms actually but you're welcome

 

My daughter and her husband would disagree with that comment.

[ditchcrawler]

 

Firstly, a good savings account is something "from the financial services industry [with] government involvement" (in terms of tax, regulation, protection of savings) just as much as the Help to Buy ISA.

 

Secondly, if you put the maximum £200 a month in to a Help to Buy ISA, your 25% bonus is worth £600 for every year you save. You can't honestly believe bank charges on these accounts are close to £600 a year, or that interest rates on other savings accounts are so much higher that you could just as easily earn that £600 elsewhere.

 

 

Sorry, but how and why is getting "all mortgaged up" going to make young people any more tired, worried etc. than paying rent?

 

[Edited to remove misguided ramblings]

I have a very nice bungalow I rent out, its for when I am to decrepit to stay where I am now. If I was my tenant I would rather be paying a mortgage than giving the rent to someone else and at the end of the day having nothing. Shame I am not getting rich out of it.

[magictime]

I have a very nice bungalow I rent out, its for when I am to decrepit to stay where I am now. If I was my tenant I would rather be paying a mortgage than giving the rent to someone else and at the end of the day having nothing.

 

Quite.

[Jess--]

 

 

Can't argue with any of that

 

to answer the question the OP asked: No, a boat purchase does not qualify for the '25% bonus' element of the so called Help to Buy ISA - you have to buy a 'eligible interest in land' that is also residential

not perhaps a boat alone.... but would a residential mooring qualify?