Help To Buy ISA

Don’t Miss Out on The Help to Buy ISA

There is an approaching deadline on the 30th November 2019 which will cease the governments Help to Buy ISA Scheme. Because of this, members of the public are being informed to apply as soon as possible. To take advantage of the current scheme you will have to open an account before the deadline.

Although the option is available to open an ISA account, there are further options allowing you to hold off buying a house, meaning you can buy later rather than straight away.

In fact, 2029 is the latest a person would need to cash in to acquire the benefits of the scheme. An additional beneficial factor is if you are considering buying as a couple, your partner is also able to open an account.

It is still a quick and easy process to open an account even if funds are minimal, as an account can be started with an initial deposit starting from £1, which means that there is all the more reason to open one if you are planning on buying your first house.

The aim of the scheme is that the government boosts the overall savings residing in the accounts by a generous 25% when you cash in to purchase your first home. However, the maximum bonus which a person can receive will be capped at £3000. The scheme was designed to help kickstart the property market and make the accessibility for first time homebuyers easier.

On the other hand, there are also small limitations included about how much a person can pay in. There is a cap of £200pm with a maximum initial deposit of £1200. However, the bonus itself is to help with the costs involved with buying a property for the first time rather than the initial deposit.

The bonus is only processed after evidence is provided from a solicitor showing that savings have been used towards your first home purchase. Therefore, the bonus is only payable after the complete application has taken place.

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