First time buyers are being urged to take advantage of the government’s Help To Buy ISA (HTB) programme which will come to an end on the 30th of November 2019. No new HTB ISA accounts will be opened after this date, and so with just over a month to take advantage of this saving incentive, time is ticking for first time buyers who could miss out on up to £3,000 towards the deposit of their first home.
As a first time buyer, you will be familiar with how hard it can be to buy your first home. Being able to live and save a deposit is something that many people struggle with. The average house price in the UK is £225,621 (source UK House Price Index.) and with property prices and deposits rising additional help to get on the property ladder should be welcomed.
What you need to know:
- You can boost your savings with a 25% government bonus
- You can open an account from the age of 16 years old
- You can open an HTB ISA account at most high street banks, providing you do so before the 30th November 2019
- If you open an account before 30th November 2019 you can save funds up until the 30th November 2029 and the bonus amount must be claimed by the 1st December 2030
- The accounts can be opened by every first time buyer and are not limited to one per household meaning that if you are buying with a partner you could claim an extra £6,000 towards your deposit from the government
- There is no minimum amount you need to deposit to open the account, you can open an account with as little as £1 and save later when you are able to do so
- To kick start your savings you can contribute as much as £1,200 in the first month
- You can then save up to £200 per month, per account.
- You can take the money out whenever you want but if you withdraw the funds for any other purpose than buying your first home you will not benefit from the bonus top up amount
- Your solicitor / conveyancer will apply for the bonus on your behalf during the conveyancing process
For further help and guidance please visit the Help To Buy website.
To assist you further Stephensons offer reduced fees to all first-time buyers. Use our conveyancing quote calculator to find out how much you will need to pay in fees when buying your first home or contact us now on 0175 321 6399 to see how we can help you.