HELP TO BUY ISA UPDATE

The new Government backed Help to Buy ISA will be available from 1st December 2015.

The scheme offers to boost your savings by 25% so that for every £200 you save the Government will give you a bonus of £50.00 up to a maximum of £3,000.00.

To qualify for the Help to Buy ISA you must:-

 Be over 16 years of age

 Be a first time buyer

 Buying a home in the UK

 The property price must not be more than £450,000 in London and £250,000 outside of London

The T&C

• The scheme will be available from banks and building societies from August 2015.

• The scheme will be available for 4 years but once your account is open you may carry on saving for as long as you wish

• You may deposit an initial sum of £1,000.00 in addition to your usual monthly savings

• There is no minimum monthly deposit

• There is a maximum monthly deposit of £200.00

• The accounts are limited to one per person but if you are buying jointly with another person you may each open an account

• The minimum bonus is £400 and the maximum £3,000 per person.

• The bonus is only paid out when you purchase your first home.

• If you save £12,000 the Government will boost your fund to £15,000 – for joint buyers this means that you could get up to £6,000 bonus between you.

Information provided by

Sharon Buthlay

Conveyancing Marketing Services Limited.