30th November Deadline for Help to Buy ISAs

30th November Deadline for Help to Buy ISAs

The Help to Buy ISA will close to new accounts at midnight on 30 November 2019. If you have already opened a Help to Buy ISA (or do so before 30 November 2019), you will be able to continue saving into your account until November 2029.

If you are saving to buy your first home, save money into a Help to Buy: ISA and the Government will boost your savings by 25%. So, for every £200 you save, receive a government bonus of £50. The maximum government bonus you can receive is £3,000.

The Help to Buy ISA is available from a range of banks, building societies and credit unions. The accounts are available to each first time buyer, not each household. This means that if you are planning to buy with your partner, for example, you could receive a government bonus of up to £6,000 towards your first home.

You can save  up to £200 a month into your Help to Buy ISA, and to kickstart your account, in your first month, you can deposit a lump sum of up to £1,200.

The minimum government bonus is £400, meaning that you need to have saved at least £1,600 into your Help to Buy: ISA before you can claim your bonus. The maximum government bonus you can receive is £3,000 – to receive that, you need to have saved £12,000.

When you are close to buying your first home, you will need to instruct your solicitor or conveyancer to apply for your government bonus. Once they receive the government bonus, it will be added to the money you are putting towards your first home. The bonus must be included with the funds consolidated at the completion of the property transaction. The bonus cannot be used for the deposit due at the exchange of contracts, to pay for solicitor’s, estate agent’s fees or any other indirect costs associated with buying a home.

With the deadline of the 30th November you need to act fast ! Don't miss out!

To check if you are eligible click here - https://www.helptobuy.gov.uk/help-to-buy-isa/who-is-eligible/

 

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