Help to Buy ISA

The Budget 2015 recently announced the introduction of the Government Help to Buy ISA Scheme.Help to Buy ISA

Available to first time buyers only, the scheme allows individuals to save up to £200 per month towards their first home and the government will boost this amount by 25%. So for every £200 saved a further £50 will be added up to a maximum of £3,000.

New accounts will be available for 4 years from Autumn 2015 (no maximum term however on how long an individual can save for) and will be available through banks and building societies.

– Individuals must be 16 years or over

– No minimum deposit amount, maximum £200 per month

– The minimum bonus is £400, maximum bonus is £3,000

– the bonus will be paid upon purchase on the individual’s first home

– only available to first time buyers purchasing UK properties

– individuals can deposit £1,000 when opening the account in addition to the monthly savings

– the bonus will be available on home purchases up to £250,000 outside of London and £450,000 in London

Information is correct at time of writing however information and criteria is subject to change. For the latest information visit Help to Buy ISA

 

Setting up a Help To Buy ISA

Simply Financial Advice can help you set up a Help To Buy ISA for you and your partner. For more information or to arrange an appointment, please call the team on 01332 223888 or email enquiries@simplyfa.uk – Alternatively, please complete the form below






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