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Help to Buy ISAs are a new type of ISA designed to help first-time buyers save up a deposit for their home. The ISA has been available to savers since 1st December 2015.
With a new Help to Buy ISA the government will top up your savings by 25%. So for every £200 you save, the government will contribute £50.
The most you can get from the government is £3,000, so the maximum amount you can save in a Help to Buy ISA is £12,000. The minimum amount you need to save to qualify is £1,600 (which gives you a £400 bonus).
You can start off your ISA with an initial deposit of up to £1,000 which also qualifies for the 25% boost from the government.
Help to Buy ISAs are available to each first-time buyer, not each house, so if you’re buying a property with your partner, for example, you’ll be able to get up to £6,000 towards your deposit. Your bonus will go straight to the mortgage lender. It doesn’t sit in your account, it earns no interest, and you only get it if you buy a home.
Here at Terry Jones Solicitors, we are proud to have a specialist conveyancing team to assist you throughout the purchase of your first home.
Once you have found your new home, we will then apply for your government bonus to be transferred to us at the date of completion.
If you are a first-time buyer and would like to discuss any queries you may have in relation to the Help to Buy ISA, please feel free to contact our conveyancing team.
Need advice? Email us firstname.lastname@example.org