Saving for your first home? There's still time to start a Help to Buy ISA
- AuthorLaura Kurowski
If you're saving for a deposit on your first home, there's still time to start a Help to Buy ISA - but only until 30 November 2019.
Help to Buy ISAs won’t be available to new savers after that date, but if you opened your Help to Buy ISA before then, you'll still be able to continue saving into your account. Either way, you must claim your bonus by 1 December 2030.
Help to Buy ISAs - key facts
- If you are saving to buy your first home, the Government will boost your savings by 25%.
- The maximum Government bonus you can receive is £3,000.
- Help to Buy ISAs are available from various banks, building societies and credit unions.
- The accounts are available for every first time buyer, so if you are planning to buy with your partner, between you, you could receive up to £6,000 towards your first home.
- To kick-start your account you can deposit a lump sum of up to £1,200, after which you can save up to £200 a month into your Help to Buy ISA
- The minimum government bonus is £400, so you need to have saved at least £1,600 before you can claim your bonus.
- The maximum bonus you can receive is £3,000. To receive that, you'll need to have saved £12,000.
When you are ready to buy your first home, instruct your solicitor or conveyancer to apply for your government bonus. Once received, this this will be added to the money you put towards your first home. The bonus cannot be used for the deposit, to pay for solicitor’s, estate agent’s fees or any other costs associated with buying a home - it can only be used when you complete the purchase.
Our conveyancing specialists can offer more advice and information when handling the purchase of your property.