Help-to-Buy ISAs are the latest first time buyer scheme to land in the marketplace.
The government are giving you an attractive incentive to encourage saving for your mortgage as a first time buyer by contributing 25% to your ISA nest egg. Which means, when you add £200 per month the government boosts this with a bonus of £50.
To kickstart the scheme, you are able to put in a first instalment totalling £1,200. There after, a maximum of £200 per month can be invested.
As an individual, you could be looking at receiving a maximum of £3,000 when you save £12,000.
The minimum amount you will need to have saved is £1,600 to qualify for your first bonus.
Where can I get a Help-to-Buy ISA?
There are a number of building societies and banks you can set up an account with online, on the phone or by visiting in branch, including NatWest, HSBC, Nationwide, Bank of Scotland, Barclays, Halifax, and more.
Click here to see the useful list of suppliers compiled by HM government to guide you when the time comes to begin your search for a place to call home.
Opening a Help-to-Buy ISA is possible until 30th November 2019. There after, the option to open an account will no longer be available. However, if you’ve opened your Help-to-Buy ISA before this date you may continue saving, but you will be required to claim your bonus by 1st December 2030.
Who is eligible for a Help-to-Buy ISA?
You can begin saving with this scheme from the age of 16, but you must be a UK resident, have a valid National Insurance number and be a first time buyer.
Click here to see the government’s detailed list of requirements, which outline eligibility for the scheme.
Since 1996, our expert mortgage advisers have assisted hundreds of homeowners in Suffolk. We’ve helped arrange all types of mortgage for properties across Ipswich, Felixstowe, Stowmarket and beyond. So when you are planning to buy a property in the local area, we recommend that you contact one of our advisers today.