Help for First Time Buyers
If you are a First-Time Buyer then a new Government Scheme could provide you with up to £3,000 towards your deposit just by depositing your savings in a Help to Buy Isa. The Isa would have the same tax advantages as other Isas but the main benefit is that for every £200 you save the government will pay you a £50 bonus towards the purchase price of a property. This means the government will effectively give you a 25% top-up on savings of up to £12,000, so you could earn a maximum bonus of £3,000.
The maximum amount you can pay into your Help to Buy Isa is £200 per calendar month. However, when you first open the account you’re allowed to make an additional contribution of £1,000, meaning you can save £1,200 in the first month.
If you are thinking about getting on the property ladder in the next year or two then it is worthwhile taking advantage of this opportunity.
At Collins Solicitors we are registered with the Help to Buy Scheme and can assist to arrange the drawdown of the money from the Government ahead of completion. Please do not hesitate to contact us on 02894479696 if you have any queries about a potential house purchase.