Help to Buy ISA
December saw the launch of the much heralded Help to Buy ISA announced in a budget earlier this year.
Bank and Building Societies are now offering first time buyers this option which it is hoped will provide a significant incentive for prospective purchasers. The main features are as follows.
- The deal is available to first time buyers over 16 who can save up to £200 per month in the scheme with the option of kick-starting it with initial £1,000 deposit.
- Accounts are available per home so those buying together can each receive a bonus.
- A maximum bonus per individual of £3,000 is available and if maximum limit of £12,000 is saved the government bonus will boost the total savings to £15,000.
- This is available on house purchases of up to £450,000 in London and £250,000 in rest of UK.
- The bonus is payable when first time buyer purchases first home.
This is a welcome addition to the range of financial products available to future buyers, and we hope it will prove popular.
This entry was posted on December 9, 2015