Saving up for your first home isn’t always easy so the Government has come up with a scheme to help first-time buyers. Saving money into a Help to Buy ISA scheme means for every £200 you save, you’ll receive a Government bonus of £50.
The maximum Government bonus is £3,000, boosting your ISA savings of £12,000 to £15,000. But if there are two of you buying your first home together, you could both start up an individual Help to Buy ISA meaning you will receive £6000.
Don’t worry; you can still make use of the scheme because you can get paid £400 for locking away £1,600 for just three months. And if two of you are saving that means a bonus of £800 towards your first home even if you’ve begun the house-buying process.
You can also use the Help to Buy ISA with other Government schemes, including the Help to Buy 1: Equity Loan Scheme, Help to Buy 2: Mortgage Guarantee Scheme and shared ownership.
To qualify for the Help to Buy ISA scheme you must:
To qualify for the Government bonus, the property you’re buying has to:
If you apply for Help to Buy ISA scheme you will have to abide by the Scheme Rules set out by the Government and also whichever provider you use. You can get a copy of the Scheme Rules on www.helptobuy.gov.uk/isa
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