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

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