Help to Buy ISA Is Coming
Are you a first time buyer? You could save up to £200 a month towards your first home with a Help to Buy ISA.
The scheme, coming next month is being introduced by the UK Government and will boost your savings by 25%.
But what does that mean for you?
In a nut shell, for every £200 you put into a Help to Buy ISA, the government will add £50 for ever £200 you save. That will total bonus can be up to £3000.
As an example, if you were to save £12,000 the government would boost your total savings to £15000.
When will the scheme launch?
The scheme will go live on December 1st 2015.
Tell me more!
– New accounts opened will be available for 4 years, however once you have opened an account there is no limit on how long you can save for.
– A help to buy ISA account will be available through banks and building societies from Autumn 2015.
– You can make an initial opening deposit of £1,000 when you open the account in addition to your regular monthly savings.
– There is no minimum monthly deposit, but you can save up to £200 per month.
– The ISA’s are not limited to one per household, but to one per person above the age of 16. So that’s two bonuses between a couple looking to buy their first home.
– Minimum Bonus £400 per person, Maximum bonus of £3000 per person.
– The bonus will be available on home purchases of up to £450,000 in London and £250,000 outside of London.
– The bonus will be paid when you purchase your first home.
If you would like to speak to a member of our team of specialists about a Help to Buy ISA or any other services, please call us on 0191 500 8740 or visit our contact page.
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