If you are saving to buy your first home, save money into a Help to Buy ISA and the government will boost your savings by 25%.
For every £200 you save, you receive a government bonus of £50. The maximum government bonus you can receive is £3,000. To receive this you must have saved £12,000. The minimum government bonus is £400, meaning you must save at least £1,600 before you can be eligible to claim your bonus.
The Help to Buy ISA will be available from a range of banks and building societies and is eligible to be used on any house with the cost of up to £250,000. They are available to each first time buyer, not each household. This means that if you are planning to buy with your partner, for example, you could receive a government bonus of up to £6,000 towards your first home.
In order to kick-start your account, in the first month, you can deposit a lump sum of up to £1,200. You must be aged 16 or over, a UK resident and be a first time buyer; not owning a property anywhere else in the world. For more information and eligibility please click here.
To find out which properties are eligible for Help to Buy ISA, please contact out sales advisor.