Help to Buy ISA
This scheme is for first time buyers, either buying a new build or non new build property.
The scheme was first introduced in December 2015 and the last day to open an account was November 30 2019. The ISA acts as a saving scheme to help first time buyers get onto the property ladder. The scheme helps by boosting your savings by 25%, for example if you save £200 you will receive £50 in bonus back.
Key points for a Help to Buy ISA
- £1,200 can be deposited in the first month;
- Up to £200 can be saved;
- A minimum amount of £1600 must be saved to receive any boost;
- A maximum of £3,000 will be paid by the government;
- If you are buying with your partner (who is also a first time buyer) the payment can be a maximum of £6,000.
How the Help to Buy ISA works
- As long as you are eligible you can open a Help to Buy ISA which can be found at a number of banks and building societies;
- Save into your ISA; and then
- When you are ready to buy a home we can then apply for your government bonus which will be added to the purchase amount on your completion statement.
Please note this money cannot be used for anything other than buying a house and cannot be used for the deposit, solicitors or estate agent fees or other costs associated with buying your first home.
Advice on protecting yourself against online fraud
Online fraud is on the increase specifically in property transactions. To help keep yourself safe from this threat please view our advice on protecting yourself.
Request a quote
For further help and advice on a Help to Buy ISA or to request a quote please contact your local Conveyancing Team on:
- Peterborough 01733 882800
- Huntingdon 01480 411224
- Oundle 01832 273506
- St Neots 01480 702207
Or email the Residential Conveyancing Team directly at: firstname.lastname@example.org.