As part of the Government’s stated policy of helping first time buyers into the housing market, a new initiative is launched at the end of this month.
From December 1st 2015 first time buyers can take advantage of the new Help to Buy ISA Scheme which gives every individual a cash boost towards the deposit on their first home.
Savers will receive the tax benefits of the ISA coupled with a government-backed bonus meaning you could receive up to 25% on your savings pot. For example, if you can save the maximum £200 per month, you will receive the maximum bonus of 25% (£600 per annum). There’s no limit on how much or how long you can save for although bonus’ are capped at £3,000 per person.
If already cohabiting, a couple could save in two qualifying ISAs and receive double the benefit!
Bonus’ are paid when you buy your first home and the maximum capital value of new home will be £450,000 in London and £250,000 outside London.
For more information contact us or to speak to a mortgage adviser on 01628 507477.
Click here to read the Government's Help to Buy ISA Scheme.
Download our Free First Time Buyers Guide
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