Help to Buy: ISA
Don’t miss out on £1,000s of free cash
The Help to Buy: ISA for first time buyers will be closed to new applications at midnight, 30th November; so, if you’ve considered applying for £1,000s of free cash but not yet got around to it, don’t delay any longer.
The good news is that if you do get your skates on and meet the 30th November deadline, you will be able to continue saving into your account until November 2029.
What is a Help to Buy: ISA?
If you’re been saving hard to buy your first home and choose to save money into a Help to Buy: ISA, the Government will boost your savings by 25%, up to a maximum of £3,000.
The Help to Buy: ISA can be set up at a range of banks, building societies and credit unions and accounts are available to each first-time buyer. This is good news if you are planning to buy with a partner as you could well receive a government bonus of up to £6,000 towards your first home.
However, you must be sure to make a regular monthly contribution to the ISA, as if you fail to contribute within the month, you’ll ‘lose’ the allowance.
When is the 25% bonus applied?
The 25% bonus is paid on completion of a person’s house purchase and it is down to the first-time buyer’s solicitor or conveyancer to claim the bonus between exchange and completion.
With a Help to Buy: ISA, a person needs to save at least £1,600 to receive the minimum government bonus of £400, the maximum government bonus in this scheme being £3,000.
Who is eligible?
To qualify for a Help to Buy: ISA you must:
- be 16 or over
- have a valid National Insurance number
- be a UK resident
- be a first time buyer, and not own a property anywhere in the world
- not have another active cash ISA in the same tax year: If you have opened a cash ISA this tax year, you can open a Help to Buy: ISA but will have to take additional steps.
How do I qualify?
To qualify for the government bonus, the property you are buying must:
- be in the UK
- have a purchase price of up to £250,000 (or up to £450,000 in London)
- be the only home you will own
- be where you intend on living
- be purchased with a mortgage
There’s no time to delay, get in touch with your bank or building society today and secure your Help to Buy: ISA.
If you need advice on buying your first home, please get in touch with our conveyancing team on 0800 0315413 or firstname.lastname@example.org