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First Time Buyers: Help to Buy ISA
A Help to Buy ISA is a government scheme designed to help you save for a mortgage deposit to buy a home. To qualify you must be classified as a first-time buyer and not own a property anywhere in the world. A Help to Buy ISA gives you the added bonus of getting government contributions. Discover a few facts about Help to Buy ISA’s below;
- First-time buyers can save up to £200 a month towards their first home with a Help to Buy ISA and the government will boost their savings by 25%. That’s a £50 bonus for every £200 they save and can receive a bonus of up to £3,000.
- New accounts will be available for 4 years, but once opened, there’s no limit on how long they can save for
- Accounts have been available through banks and building societies since Autumn 2015
- Clients can make an initial deposit of £1,000 when they open the account – in addition to normal monthly savings. However, you can open a Help to Buy ISA with as little as £1
- There is no minimum monthly deposit – but they 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
- The minimum amount you need to save to qualify for a government bonus is £1,600 (which gives you a £400 bonus)
- 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
Source: Chartwells Mortgage Services. Full Help to Buy ISA T&C’s apply. Please speak to your bank for more information.