The Government’s Help to Buy ISA Scheme is about to close for first time buyers. The scheme will close to new applicants on the 30th November 2019.
If you open a Help to Buy ISA account before this date, you can continue to save after the deadline. The final deadline to receive your ISA bonus will be the 1st December 2030. The Scheme is available with numerous banks and building societies.
Under the Help to Buy Scheme, the Government will boost first time buyer’s savings by 25%. The maximum government bonus that a first-time buyer can receive is £3,000.00. First Time Buyers can make a payment of £1,200.00 into the ISA account in the first month and monthly payments of £200.00 thereafter. The bonus is available to each purchaser so if both purchasers are first time buyers with Help to Buy ISAs, the maximum bonus the purchasers can receive is £6,000.00.
The full bonus is paid directly to your solicitor upon completion following the closure of the ISA account. Your solicitor will request the bonus when the completion date has been agreed.
Our Property Team have found the process of submitting and receiving bonuses very smooth and efficient. Bonuses can be processed and paid to the solicitor within 48 hours of receipt of the bonus request if necessary. We have acted form clients who have received combined bonuses in excess of £4,000.00 towards their first home.
According to Which? The Help to Buy Scheme has helped more than 196,000 people purchase their first home.
If you have any queries in relation to the above, a member our Property Team will be happy to help.