Saving up for your first home isn’t always easy so HM Government has come up with a scheme to help first-time buyers. Saving money into a Help to Buy: ISA scheme means for every £200 you save, you’ll receive a Government bonus of £50.
The maximum Government bonus is £3,000, boosting your ISA savings of £12,000 to £15,000. But if there are two of you buying your first home together, you could both start up an individual Help to Buy: ISA meaning you will receive £6,000.
Don’t worry; you can still make use of the scheme because you can get paid £400 for locking away £1,600 for just three months. And if two of you are saving that means a bonus of £800 towards your first home even if you’ve begun the house-buying process.
You can also use the Help to Buy: ISA with other Government schemes, including the Help to Buy: Equity Loan scheme and shared ownership.
To qualify for the Help to Buy: ISA scheme you must:
To qualify for the Government bonus, the property you’re buying has to:
If you apply for Help to Buy: ISA scheme you will have to abide by the Scheme Rules set out by the Government and also whichever provider you use. You can get a copy of the Scheme Rules on www.helptobuy.gov.uk/isa
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For full details on the HM Government-backed Help to Buy: Equity Loan scheme please visit www.helptobuy.gov.uk.
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