The Help to Buy: ISA launches on 1 December 2015
The Help to Buy: ISA launches on 1 December 2015 and is designed to reward those first time buyer clients who are working hard to save up for their first home.
First time buyers that choose to save through a Help to Buy: ISA will receive a Government bonus to help them make the critical first step onto the housing ladder. The bonus will represent 25% of the amount saved with a minimum of £400 and a maximum of £3,000. The bonus will be calculated and paid only when the client buys their first home. Clients can open their ISA with a maximum amount of £1,000 and can save a maximum of £200 per month.
We have lenders whom will accept the use of the ISA and Government bonus as a source of deposit. Some key points on using the Help to Buy: ISA are:-
You must be a first time buyer and never had an interest in any property in the UK or aboard
Maximum purchase price of £250,000 outside of Greater London (or £450,000 in Greater London)
Conveyancer must be registered with UKAR (the scheme Administrators) to accept the bonus from the Government (we have Solicitors we can recommend)
The Help to Buy: ISA is limited to one per person rather than one per home.
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