It’s somewhat disheartening to have set your heart on a property only to make an offer and have it rejected–especially when there’s not much you can really do to increase your offer.
Anyway that’s part of the game isn’t it.
Onwards and upwards. I’m still holding out hope that they’ll somehow change their minds as I would still like to buy the property.
It’s funny how human psychology works doesn’t it. Before putting in the offer, I was about 75% confident that I wanted to buy the house and happy with it. After having the offer rejected, I’m now about 85% sure that I want it. Not being able to get something actually makes it more desirable. We are funny beings.
Essentially, the Lifetime ISA has a £450K cap on the property you can buy if you use that ISA to save your deposit.
The Lifetime ISA was launched in 2017 when £450K could buy you a very decent property. Since 2017, house prices have sky-rocketed and now, a house that would have been worth £450k in 2017 is worth over £600K – putting it way out of reach for people who started saving in a Lifetime ISA with hopes of buying a decent property.
There have been campaigns for the government to raise the threshold but so far it’s fallen on deaf ears. Sorry state of affairs our government is in that they no longer have the inclination to help people in the middle of the pack.
Tomorrow I will go to view some flats in London. It’s very unlikely that I will buy a flat but I might as well go — it might expand my mind and options.