Help-to-buy ISA scheme closes this week!

 

 

First-time buyers are being reminded that there are only 5 days left to open a help-to-buy ISA before the scheme closes for good on 30th November.

 

 

 

 

How the Scheme works

 The help-to-buy ISA allows first-time buyers to receive a 25% government bonus, up to a maximum of £3,000 on savings they use to buy their first home. When opening a help-to-buy ISA, up to £1,200 can be deposited in the first month, with maximum monthly contributions capped at £200.

 

For example, a first-time buyer can save up to a maximum of £12,000 with the £3,000 government bonus bringing the total to £15,000.

 

Help to Buy ISAs are available to each first-time buyer, not each home. So, if you are buying a property with your partner, you’ll be able to get up to £6,000 towards your deposit.

 

To qualify, you need to be a first time buyer aged 16 or over. The ISA can be used to buy any home worth up to £250,000 (or up to £450,000 in London). You can use a Help to Buy ISA with any mortgage; you’re not restricted to a Help to Buy mortgage.

 

You cannot use a Help to Buy ISA if you are going to rent the property out or buy a property oversees.

 

 

For more information go to https://www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/