Purchasing a new home conveyancing

Time running out to open your Help to Buy ISA.

Ben Wall

A Government initiative launched in 2015, the Help to Buy ISA is the perfect way to help people get onto the first rung of the property ladder.

Available from a range of Banks and Building Societies, the account is available for all first-time buyers. Under the scheme, the government will boost your savings by a 25% bonus when you put them towards your first house. The minimum you can deposit into your Help to Buy ISA to claim the bonus is £1,600. The maximum bonus available is £3,000 on savings of £12,000. These are the maximum and minimum per person, meaning that where you are buying with your partner you could both save separately to claim a full £6,000.

It is vital you open your Help to Buy ISA account before the 30th November 2019 as after this date they will not be available. Once you have opened your account you may continue to save a maximum of £200 a month until 30th November 2029. You then have until December 2030 to claim your bonus. Although you have the option to deposit up to £1,200 in the first month, you may also open the account before the deadline but wait a few months (even beyond the 30th November 2019) to deposit any cash and maximise savings. We would recommend checking these options with your specific Bank or Building Society.

When it comes to buying your first home all you need to do is close the ISA and ensure you receive the relevant closing letter. On receiving this closing letter we will apply for the Government bonus on your behalf and will put all funds including the bonus towards the purchase of your property. Our experienced team will guide you throughout your move into your dream home and will be happy to claim your Government bonus with no hassle for you.

If you are ready to buy your first home call us now 02891 817715, email property@boydricesolicitors.com or complete our Online Enquiry for a FREE, no-obligation discussion and let us explain how we can help you.