At Stephensons, we provide expert legal advice to a wide array of individuals who are looking to take advantage of the Help to Buy scheme to get a mortgage on a new property. Would-be homeowners can also to take advantage of a Help to Buy ISA to get on the ladder, but depending on their circumstances, there could be a catch.
The Help to Buy ISA scheme, launched in December 2015 represents a new kind of cash boost for house-seekers. The new ISA works by rewarding individuals who are willing to save toward a property. Save up to £200 per month toward a home and the government will add another 25% to the amount you save. That could be as much as £50 per month towards your deposit.
You’ll need to save a minimum of £1,600 to qualify, which means the government would be entitled to contribute £400. Save more and the government’s contribution will increase, up to a maximum of £3,000.
So is there a catch with Help to Buy ISAs?
Individuals cannot contribute to a Help to Buy ISA in the same tax year that they contribute anything to another cash ISA.
Here at Stephensons, we can provide advice and expertise on all aspects of residential conveyancing law, so contact us today to find out more about the Help to Buy scheme, Help to Buy ISA’s and the many ways that we can help you with contracts, loan agreements and much more.
For more about Help to Buy ISA’s, read our article entitled Help to Buy ISAs explained.
Talk to Stephensons today to find out more about Help to Buy ISAs and everything you are entitled to, call us on 01616 966 229.