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

Recent posts

Lloyds Banking Group has jumped on the bandwagon to boost lending for first-time buyers as they allocate an additional £4 billion to help first-time buyers on to the property ladder.

As the Loan to Income (LTI) cap has been increased to 5.5 times income, applicants who fit the First Time Buyer Boost criteria could borrow up to 22% more. 

The government is introducing mortgage reforms to boost homeownership, stimulate economic growth, and make the housing market more accessible, especially for first-time buyers.

Chancellor Rachel Reeves has announced the most significant mortgage reforms in over a decade—great news for those dreaming of homeownership.

Nationwide ease their ‘Helping Hand’ mortgage designed to help first-time buyers get onto the property ladder by allowing them to borrow up to six times their income.

 

Keeping the kids entertained over the six-week summer holidays isn’t always easy, especially with the cost-of-living making it even more difficult. Below is a list of fun, inexpensive ideas to do over the break

The Financial Conduct Authority (FCA) has published a discussion paper about the future of the mortgage market in a bid to improve access for first -time buyers, self-employed, and those borrowing in retirement.

Ever wondered where the most reasonably-priced towns for families to buy are? Property company, Zoopla has identified the top 10 towns for families to live in the UK by looking at the most affordable towns, and how many people are looking in that area.

There was a 32% increase last year in 100% loan-to-value (LTV) mortgages which are mortgages that require zero deposit. According to a recent report by chartered accountants and business advisers, Lubbock Fine, the reason behind this is buyers simply struggling to save enough for a deposit.

Many people are quite private when it comes to what is in their bank account. In this short blog, we look into what Brits have saved by age group.