interest @ 1% on the full amount, i think. but then you can only pay in the limits.
ANd Renters also get this bonus too ? No? what a surprise .. .y1 - £4k becomes £5k, +plus interest y2 - £8k becomes £10k, +plus interest on 4k? or 5k? y3 - £12k becomes £15k, +plus interest on 8k? or 10k?
i don't think so, no. it's £1k for every £4k added each year. if you didn't pay in any more in the following years, there would be no bonus. so; y1 - £4k becomes £5k, y2 - £8k becomes £10k, y3 - £12k becomes £15k, y4 - £16k becomes £20k, etc.
If I have plenty of cash savings and my partner doesn't, is there anything stopping me sending her 4k per year to put straight into this so that we can max out x2 until we buy our first home? Edit: If the bonus is capped to 1k per year there is no real incentive to pay in after the first 4k? Or am I missing something?
used this to buy my house last month, and so did my wife. The £6k was very helpful, but it's only really open to folk with cash. we were lucky enough to be able to save £4k each over 3 financial years, and the final £2k was made avaialbe due to luck with the purchase dates.