News

The End of the Help to Buy ISA

One major government scheme which was introduced to help first time buyers was the Help to Buy ISA scheme.

Help to Buy ISA’s were launched in 2015 to help first time buyers get on the property ladder and introduced a bonus which is given to you in addition to the amount saved –  the government will boost your savings by 25%. You can transfer up to £1,200 in the first month when the account is opened and £200 each month after that, with a maximum contribution overall of £12,000.

However, from 30th November 2019, Help to Buy ISA’s will be no more. If you have opened your account before this date you will still be able to keep saving until 30th November 2029 but the bonus must be claimed by 1st December 2030.

Is it still worth opening an account?

The Help to Buy ISA is an advantageous scheme that can ease the cost burden of purchasing your first home without the need to borrow from a relative or friend.

You only need £1 to open an account, which you can then continue to put money into when you are ready. So, even if you don’t think you are in the position to purchase your first home any time soon, it will still benefit you in the future. Please contact our Conveyancing team on 01482 323697 who can provide you with all the necessary legal advice surrounding buying your first property and using a Help to Buy ISA.

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