The Government have announced that as of midnight on 30th November 2019 the Help to Buy ISA will be closing to all new accounts. If you already have an ISA, you can continue to save until November 2029. If you don’t, your chance to open one is nearly up. So why open one?
When you open your Help to Buy ISA, you can deposit up to £1200 within your first month. Thereafter, you can save up to £200 a month.
This isn’t just a normal savings account however, as upon buying a house, the Government will give you 25% on top of what you have saved, up to a maximum of £3000. This means that if you are buying with a partner who also has an ISA, you could be getting a bonus of up to £6000 to put towards your first home.
Remember, you can’t use your ISA as a deposit on a house as this has to be paid by exchange and you may not have your ISA funds by this point.
So why turn away an opportunity for extra cash? You can open an ISA with just £1 before November 30th, which gives you the opportunity to make the most out of this offer before it’s too late.
Speak to your local bank or building society today for more information on how to open an ISA.
How do I know if I am eligible?
You have to be 16 year old or over and a first time buyer.
Where can I open an ISA?
Most banks and building societies offer a Help to Buy ISA.
How to I claim by ISA bonus?
Your solicitor will handle this part. You will need to provide them with your closing statement, and they can deal with the rest as long as it’s before your completion date.
For a more FAQ’s, see https://www.helptobuy.gov.uk/help-to-buy-isa/faq/