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Help To Buy ISA
- AuthorClaire Edwards
If you are a first time buyer and looking for help getting onto the property ladder, the Help to Buy ISA may be just what you are looking for.
Do I qualify?
The Help to Buy ISA scheme will reward first time buyers, who are saving for a deposit to purchase their first home in the UK. The ISA will be available from a number of banks and building societies and you will still earn interest on your share of the savings in the ISA.
The property you are purchasing must not cost more than £250,000 or £450,000 if the property is in London, and you need to be having a mortgage to qualify for the scheme.
How much will I need to save?
There is no minimum monthly deposit required to be paid in and you can save up to £200 a month. The government will contribute 25% to the amount saved, up to £50. You can deposit an initial sum of £1,000 which will also qualify for the bonus.
You will need to save a minimum of £1,600 in the ISA before buying your first home in order to use the bonus. The maximum contribution from the government is £3,000 per first time buyer, however you would have to save £12,000 in order to benefit from the maximum bonus.
How can I access the bonus?
You will have until 30th November 2019 to open a qualifying ISA and the property purchase must complete by 1st December 2030.
Your solicitor will need to request the bonus, which will be paid directly to them towards your deposit and cannot be transferred to you. If you do not buy a property then you will lose the bonus.
If you are looking to purchase your first home with the benefit of a help to buy ISA and you require further information, please feel free to contact JCP Solicitors who will be happy to assist.