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The New Help to Buy ISA: A Win-Win Situation for First Time Buyers

In 2013 came the Help to Buy scheme, a government initiative to help first time buyers secure a home with just a five per cent deposit. What followed was many first time buyers using the scheme to purchase their first homes, and the Help to Buy scheme has generally been well received. However, many people who want to take advantage of the Help to Buy scheme are still struggling to raise enough money for a deposit. In recognition of this, from the 1st December 2015, first time buyers can now open a Help to Buy ISA which exists to support people who are saving for the deposit on their first home. ‘A No-brainer’ According to Money Saving Expert’s Martin Lewis, the Help to Buy ISA is ‘a no-brainer if you’re a first time buyer saving for a mortgage deposit’. With the new ISA, first time buyers can earn up to 4% interest tax-free, with the government adding an extra 25% on top of this. The Help to Buy ISAs are effectively allowing those saving for their first deposit to maximise […]

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Millennials Get By With A Little Help From Their Friends

Millennials are facing some tough times. While the global economy has admittedly improved to a great extent since the 2007 recession, and the unemployment rate in the US hovers at or below 5%, economic and employment prospects for those between the ages of 25 to 34 are more bleak than what the generations preceding them faced. Unlike their parents and older peers, millennials have come to realize that getting a good education and working hard don’t always lead to a successful life. Consider this: 44% of young college graduates have had to settle for low-paying, often menial jobs outside their areas of study. And the number of those who do manage to find employment in their chosen fields, but are earning less than $25,000 a year, is higher than it has been in decades. Add to this the crushing debt of student loans with which many are saddled and the rapid rise in housing costs, and the outlook is beyond bleak for them. Many of those who are able to get credit find themselves using that credit just to meet […]

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