Help To Buy

Don’t Miss Out on The Help to Buy ISA

The help to buy ISA scheme deadline is approaching fast, before 30th November 2019 act quickly and open an account.

The government has given the notice to say the scheme is getting scrapped; another little tip is opening help to buy ISA doesn’t mean you have to use it to buy a house straight away, you have up until 2029 to cash in before you would lose the benefits.

If you think you might want to buy with your current partner, then you should encourage them to open help to buy ISA too. The accounts can begin with as little as a £1 initial deposit, so there’s more reason to open one if you are planning on buying your first home.

The government boosts your total savings by a generous 25% when you cash in to buy your first home. The maximum bonus payable capped at £3000. The scheme was designed to help kickstart the property market.

However, there are also restrictions about how much you can pay in — Capped at £200 per month with a maximum initial deposit of £1200. You cannot use the bonus itself for the deposit on a house, the main reason for this is you are not entitled to the bonus until your solicitor can evidence that you have used your savings to purchase your first home. The bonus is payable after completion has taken place.

For more information visit: www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/

Help to Buy Mortgage Advice: www.harrogatemoneyman.com/help-to-buy-mortgage-advice/

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