Attention all First-Time Buyers! Are you aware the Help to Buy ISAs expire on 30th November 2019?
If you are a first-time buyer thinking of making your first step on the property ladder, there is some important information you need to be aware of.
In this article, our Conveyancing Executive Julie Smith explains how despite the expiry on the 30th November, you can still pay into a Help To Buy ISA for years to come.
You may not be thinking of buying a property right now, but this early preparation could help you secure your future home.
What is a Help to Buy ISA?
This a government-backed scheme that allows you to save for a deposit to purchase your first home. All high street lenders offer this service, and the government will contribute 25% towards your savings.
You can save as much as you can afford at any one time, but you must invest a total minimum amount of £1,600 before you can qualify for the 25% bonus. The maximum you can invest is £12,000.
If there are two of you purchasing and you are both first-time buyers, you both qualify for Help to Buy ISAs. Therefore, you will benefit from a 50% contribution from the government to help you on your way.
Can I still open a Help to Buy ISA?
If you are considering buying a house in the next few years, this is your last chance to open a Help to Buy ISA.
Although the scheme expires on 30th November 2019, if you open an account before that date, you can pay into the Help to Buy ISA until 30th November 2029.
This gives you plenty of time to look around and find your dream home, while your money is earning a substantial amount in the bank.
Walker Foster’s Property Team understand that as a first-time buyer, you might need a little extra support when purchasing your first property.
If you need advice about Help to Buy or indeed any other property matter, please call the team who will be only too happy to assist.