A Helping Hand
Help To Buy ISAs
Saving up to buy your first home can be a big challenge, but fortunately assistance is available. The government’s Help to Buy Individual Savings Account (ISA) scheme can add 25% to your savings, giving you a much needed boost to get onto the housing ladder.
Help to buy ISAs are available from a variety of building societies, banks and credit unions. If you get one of these accounts, for every £200 you put into it, you’ll receive a bonus from the government of £50.
You can start to claim once you’ve saved a minimum of £1,600, and the maximum bonus you can get is £3,000. To reach this level, you’ll need to have saved £12,000. These accounts can be used by each individual first-time buyer. This means that if you’re planning to purchase a home with your partner or a friend, for example, you would be able to receive government bonuses of £6,000 between you.
To qualify for a government Help to Buy ISA, you have to be a UK resident and a first-time buyer. Also, you can’t already own a property anywhere in the world, and you mustn’t have another cash ISA that’s active in the same tax year.
If you think this scheme could give you the extra support you need to get your first home and you’d like to find out more, you can visit the government’s Help to Buy website. You can also contact our experts for further information, and to discover how finance schemes like this one can help you to buy the houses and apartments we offer here at Laurus Homes.