In yesterdays budget George Osborne announced the introduction of the “Help to Buy ISA”
to be available to encourage and support fist time home buyers to raise a deposit, to be
introduced from Autumn 2015.
The essential elements of the scheme are:
- New accounts will be available for 4 years, but once you have opened an account there’s no limit on how you
- long you can save for.
- Accounts will be available throughout banks and building societies from Autumn 2015.
- You can make an initial deposit of £1,000 when you open the account – in addition to normal monthly savings.
- There is no minimum monthly deposit – but you can save up to £200 a month.
- Accounts are limited to one per person rather than one per home – so those buying together can both receive the bonus.
- Only available to individuals who are 16 and over.
- The bonus is available to first time buyers purchasing UK properties.
- Minimum bonus of £400 per person.
- Maximum bonus of £3,000 per person.
- The bonus will be available on home purchases of up to £450,000 in London and up to £250,000 outside London.
The bonus will be paid when you buy your first home. The current
Government is committed to supporting people who aspire to be home owners.
You can find more information on the Help to Buy ISA here.