Help to Buy ISA - Last chance this week!
Posted by Lang Town & Country on 25th November 2019 -
Sharlotte Dewdney, branch manager in our Mannamead office, shares her thoughts on the popular Help to Buy ISA and why now is the time to open your own and start saving!
Getting yourself on the housing ladder has become a herculean task for so many first-time buyers.
The Help to Buy ISA was introduced in December 2015 and the idea is that the government will boost first time buyers saving pots by 25%, allowing you to save a deposit quicker. This means that for every £200 you save, the government will give you a bonus of £50. You can receive a maximum bonus of £3000 and you can even jumpstart it by saving a lump sum of £1200 in the first month.
An added bonus is that the accounts are available to each first-time buyer, not each household. This means that if you are planning to buy with your partner, you could receive up to £6000 from the scheme towards your first home. I can personally recommend taking advantage of this scheme, it allowed my husband and I to buy our first home at least 6 months earlier than we would have done using our savings alone.
Unfortunately, all good things must come to an end and sadly the Help to Buy ISA will close to new accounts on the 30th November 2019. However, those already registered will still be able to continue saving and accruing the government bonus until November 2029.
So, even if you’re not quite ready to start saving for your first house, our advice would be to open an H2B ISA before the closing date and then start paying into it when you’re ready, enabling you to still take advantage of this amazing initiative.
For more information on the Help to Buy ISA, please visit the official site below:
https://www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/