Taking the first step up the property ladder may have appeared to be a distant dream for many first time buyers. Cue, the Governments Help to Buy ISA, making this dream a reality sooner than you may have thought. Hoorah, I hear the first time buyers cheer….is that an echo I hear, or an additional cheer from their long suffering parents?
The Help to Buy ISA is a great new addition to the existing Help to Buy Schemes the Government offer. This saving scheme could boost your savings buy an additional 25%. There is a cap on the maximum bonus you can receive, which is still a significant £3,000. In order to achieve the bonus, you would have to save £12,000. Simply put, for every £200 you save the Government will give you an additional £50. Each buyer is treated individually. So, if you were to buy with your partner or a friend, you will each receive your bonus to contribute towards the same property. This could provide a bonus of up to £6,000.
The ISA’s are open until 30th November 2019, this is a great incentive for first time buyers allowing them to save wisely and providing them flexibility to choose their first home. This New Year make it your resolution to start saving, you have until December 2030 to claim your bonus.
For further information on how this scheme could help you with your all-important first purchase click here.