First time buyers deposit could be boosted by £3000 thanks to Help To Buy ISA
If you’re a first time buyer, save up to £200 a month towards your first home with a Help to Buy ISA and the government will boost your savings by 25%. That’s a £50 bonus for every £200 you save! You can receive a bonus of up to £3,000.
The Facts:
- New accounts will be available for 4 years, but once you have opened an account there’s no limit on how you long you can save for
- Accounts will be available through banks and building societies from Autumn 2015
- You can make an initial deposit of £1,000 when you open the account – in addition to normal monthly savings
- There is no minimum monthly deposit – but you can save up to £200 a month
- Accounts are limited to one per person rather than one per home – so those buying together can both receive a bonus
- Only available to individuals who are 16 and over
- The bonus is available to first time buyers purchasing UK properties
- Minimum bonus size of £400 per person
- Maximum bonus size of £3,000 per person
- The bonus will be available on home purchases of up to £450,000 in London and up to £250,000 outside London
- The bonus will be paid when you buy your first home
If you save £12,000, the government bonus will boost your total savings to £15,000. For more information please call us on 01594 544271 or click here
< BackPrevious article Next Article
