30 days left to open a Help To Buy ISA
Are you a first time buyer? If so, do not lose out on your chance to receive a tax-free cash bonus of up to £3,000 towards the purchase of your first home!
First time buyers – including anyone who is thinking of buying property sometime in the future – you have just 30 days from today’s date to open a “Help To Buy ISA” account.
What is a Help to Buy ISA account? It is a savings account which was introduced by the Government in 2015 to help first time buyers. The Government will pay out a cash sum to the value of 25% of what you have saved in your account, which can be used to purchase your first home. The maximum bonus you can receive is £3,000 on savings of £12,000.
Don’t be put off by the big numbers – you can open the account with just £1, and can continue to save up to £200 per month into the account, until the scheme ends in November 2029. So even if you may or may not go on to purchase a property over the next 10 years, it is worth paying in just £1 before the end of November to have the chance of benefiting from the scheme.
Planning to buy with a partner? You can both open a Help To Buy ISA account and would then qualify for up to £6,000 in tax-free bonuses.
When you have found your first home and your Offer has been accepted by the seller, just let your Solicitor know that you have a Help To Buy ISA account and ask your ISA provider for a closure letter. Your Solicitor will then submit the paperwork to the Government to request your cash bonus.
Contact our Solicitors
At BBM we have processed many Help To Buy ISA applications since the scheme started in 2015 and would be more than happy to assist you and guide you through the process. Have any questions? Please get in touch with Jennifer, Rona or Jonathan in the property team on 01955 604188.