HELP TO BUY: HELP FOR FIRST TIME BUYERS
If you are saving to buy your first home, the Government's Help to Buy Scheme could significantly boost your savings. The way the scheme works is to give you a bonus of £50 on every £200 you save. The bonus is available to each first time buyer (not each household) which means that if you are planning to buy a house with your partner, you could receive a bonus of up to £6,000.
To qualify for the bonus, you need to open a Help to Buy ISA. This has the same tax advantages as other ISAs but comes with the bonus potential mentioned above. Once the account is opened, you can save up to £200 per month into it. To kick-start your account, you can lodge a lump sum of £1,200 into it in the first month.
To receive your bonus, your Solicitor will apply for it shortly before completion is due to take place. Once it is received, it will be added to the money you are putting towards your home.
This is a welcome saving opportunity for first time buyers to help them get onto the property ladder. If you want to get further information, please contact us or alternatively visit the Government's Help to Buy website.