Help to Buy ISA’s are designed to help you buy your own home, by adding 25 per cent to your savings. You can save up to £200 per month into your Help to Buy ISA. To kickstart your account, in your first month you can deposit a lump sum of up to £1,200.
The minimum government bonus is £400, meaning that you need to have saved at least £1,600 into your Help to Buy ISA before you can claim your bonus. The maximum government bonus you can receive is £3000 – for which you need to have saved £12,000.
Two people buying property together can each have an account, meaning that their maximum bonus is £6000. The bonus is only available for home purchases up to £450,000 in London and £250,000 outside London.
The scheme closes for new applications on 30th October 2019 – be sure to open your account before then.
Paytons Solicitors September 22nd, 2019
Posted In: Blog