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Martin Lewis predicts launch date for British ISA after new product announced in Budget | Personal Finance | Finance
Martin Lewis has spoken about when he thinks the new British ISA announced in the Spring Budget will launch.
Savers will get an additional £5,000 annual allowance to save into the British ISA, on top of the existing £20,000 allowance, with the savings to be invested in UK companies.
Mr Lewis told listeners to his BBC podcast: “The consultation is due to end in June so I think you might see this sometime around September.”
He said the account would suit savers with “slightly bigger pockets” who have the funds to invest in the British ISA.
The founder of MoneySavingExpert explained: “There are quite a lot of people who have that type of money saved in ISAs.
“They’ll be able to put a little bit more away tax free as long as they’re investing in British assets, and that is to try and give a little fill up to investments in Britain.”
Laith Khalaf, head of investment analysis at AJ Bell, pointed out that Britons don’t have to wait until September rolls around to invest their savings in UK businesses.
He said: “Many already do, and though UK funds have fallen out of favour in recent years, investment in individual UK stocks by DIY investors is still very common.
“They’ll be able to put a little bit more away tax free as long as they’re investing in British assets, and that is to try and give a little fill up to investments in Britain.
“In theory investors can invest all of their £20,000 ISA allowance into the UK stock market, but that’s putting a lot of eggs in one basket.”
Chancellor Jeremy Hunt also announced a new British Savings Bond would be made available through NS&I, with the Bonds also to be invested in British businesses.
NS&I has since released more details about how the Bonds will work, explaining that they will be on offer as a three year fixed rate for the savings giant’s Guaranteed Growth Bonds and Guaranteed Income Bonds.
The Bonds are due to launch in early April, with savers able to invest up to £1million in the Government-backed scheme.
Mr Lewis said of the Bonds: “What we don’t know yet is the rate – above five percent, it would look pretty competitive and you probably should be doing it.
“Below five percent, it won’t look that competitive and you probably shouldn’t do it unless you specifically want to support Britain.”
Information on the NS&I website about the new savings option stated: “Like all savings from NS&I, your money will be 100 percent secure, backed by HM Treasury, and your savings will be invested back into supporting the UK.”
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As we look ahead to 2024, many homeowners and prospective buyers are wondering what to expect when it comes to mortgage rates. The landscape of the housing market is constantly changing, so it’s important to stay informed about trends and predictions. In this blog post, we will discuss some factors that could impact mortgage rates in 2024 and what homeowners and buyers can expect.
One factor that could impact mortgage rates in 2024 is the overall state of the economy. If the economy is strong and growing, we may see higher mortgage rates as the Federal Reserve looks to combat inflation. On the other hand, if the economy is stagnant or in a recession, we may see lower mortgage rates as the Fed looks to stimulate growth. It’s important to keep an eye on economic indicators such as GDP growth, unemployment rates, and inflation to get a sense of where mortgage rates may be heading.
Another factor that could impact mortgage rates in 2024 is Federal Reserve policy. The Fed plays a key role in setting interest rates, and their decisions can have a ripple effect on mortgage rates. If the Fed decides to raise interest rates in response to inflation, we may see an increase in mortgage rates. Conversely, if the Fed decides to lower interest rates to stimulate growth, we may see a decrease in mortgage rates. Keeping up with the latest news and announcements from the Fed can give homeowners and buyers a sense of where mortgage rates may be heading.
In terms of specific cities and local mortgage companies, it’s important to note that mortgage rates can vary depending on location and lender. For example, in a city like New York City, where real estate prices are high, mortgage rates may be higher compared to a city like Indianapolis, where real estate prices are lower. Additionally, local mortgage companies may offer competitive rates and terms compared to national lenders. For example, in New York City, local lenders like Quontic Bank and CrossCountry Mortgage may offer specialized products and services tailored to the needs of local buyers.
It’s important for homeowners and buyers to shop around and compare rates from multiple lenders to ensure they are getting the best deal. Websites like Bankrate and LendingTree can be helpful resources for comparing rates and terms from multiple lenders. Homeowners and buyers should also consider working with a mortgage broker who can help them navigate the lending process and find the best mortgage product for their needs.
In conclusion, predicting mortgage rates in 2024 is not an exact science, but there are several factors that could impact rates. By staying informed about economic indicators, Federal Reserve policy, and local market trends, homeowners and buyers can make informed decisions about their mortgage. Shopping around and comparing rates from multiple lenders is key to ensuring you are getting the best deal on your mortgage. Whether you’re looking to refinance your existing mortgage or buy a new home, it’s important to stay informed and be proactive in managing your mortgage.
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