The deadline for opening a Help to Buy ISA is 30 November 2019. After this date, you will not be able to open a Help to Buy ISA and benefit from the 25% government bonus but if you already have one, you could continue to use this for another 10 years.
How could a Help to Buy ISA help me?
If you are saving to buy your first home (at a price of up to £250,000 outside of London or £450,000 in London), 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.
If you’re 16 or over and meet the government’s criteria, you could open your account before 30th November with as little as £1.
What if I don’t want to buy a house right now?
Opening your Help to Buy ISA account before 30th November will enable you to use this for the next 10 years and apply for the 25% government bonus when you buy your first home (provided you have at least £1600 in your ISA at that time). If you decide not to use your Help to Buy ISA in the future, you could still close your ISA and withdraw your money back from it.
Find out how a Help to Buy ISA could help you get your foot on the property ladder at https://www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/”
Burstalls are experienced in assisting clients who wish to buy properties with Help to Buy ISAs and all other types of mortgages. Don’t forget to give us a call when you buy your first home for a friendly chat and a competitive quote.
For more information please contact Emma Dixon and Katie Ombler.
for an initial consultation or complete our enquiry form