What is it?
The Government’s Help to Buy ISA was set up to help first-time buyers save for a mortgage deposit. The benefits are two-fold: savings are interest-free, and the Government will also contribute, up to a maximum of £3,000.
How much can I get?
The Government will pay 25% of the amount invested, from a minimum of £1,600 invested to a maximum of £12,000. It’s also worth bearing in mind this ISA is available per person and not per home, so a couple who qualify can receive £6,000 from the Government to help secure their first home.
What are the timings?
Those who still want to take advantage of this scheme need to hurry up as it closes to new savers after 30 November 2019. Anyone who has already set it up can keep saving and must claim their bonus by 1 December 2030.
How do I set it up?
To set up a Help to Buy ISA just visit your bank or building society who will sort out all the relevant paperwork.
I have more questions…
It’s important you look into this properly to check it’s right for you and that you understand all the restrictions – visit https://www.helptobuy.gov.uk/help-to-buy-isa/faq/