You’ll probably remember that back in April we posted about the Government’s new initiative of the Help to Buy ISA. At the time we were informed that the ISA would be available later in the year, approximately the autumn however, it has been announced that the Help to Buy ISA will now be available from 1st December 2015.
If you need a recap about the ISA here are the main features and benefits;
From 1st December 2015, the Help to Buy ISA will be available for 4 years only, so you’ll have until 1st December 2019 to open one. You can pay into the Help to Buy ISA once open for as long as you want to.
With a Cash ISA where you’re required to open a new one each year, the Help to Buy ISA isn’t like that, once you have one opened you just keep contributing to it. You can only ever have one Help to Buy ISA although you are allowed to transfer your ISA between providers, for example should the interest rate drop and you want to obtain a better rate.
The Help to Buy ISA will be available through banks and building societies and their interest rates will vary so it will pay to shop around.
Don’t forget however, that you must not have contributed to an ISA in the current tax year (since 6th April 2015) and you must be a First Time Buyer to qualify for a Help to Buy ISA.
If you have any questions about the Help to Buy ISA please don’t hesitate to get in touch using the form below, you can complete the same form should you wish to see an Adviser for Financial Advice.
Please note that we do not offer Financial Advice over the telephone.