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Help to Buy ISA scandal

August 22, 2016

Today I have written to Housing and Planning Minister Gavin Barwell MP calling on him to apologise on behalf of the Government for misleading thousands of people who signed up for a Help to Buy ISA in the hope it would help them to get on the housing ladder.

 

George Osborne said that Help to Buy ISAs would provide "direct Government support to anyone saving for the deposit on their first home", and the Government's own 'Affordable home ownership' webpage explicitly states that the Help to Buy ISA will "help with a deposit".

 

However, the 25% Government 'bonus' is actually not paid until a sale is completed and contracts are exchanged, meaning that the money cannot be put towards a deposit.

 

Help to Buy therefore won't provide any help to those who can't afford a deposit - it will merely provide a bonus for those who can already afford a deposit, often thanks to financial support from family members

 

This is a scandal and a disgrace. I am absolutely outraged on behalf of my constituents, young people, Londoners and all those priced out of ever owning their own home - who all have absolutely every right to feel betrayed and conned.

 

This is shameful false advertising by the Government and yet again clearly shows how little this Government care about tackling the severe housing crisis.

 

 

 

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David Lammy

From Tottenham. For Tottenham.