What is Help to buy ISA?
In the 2015 Budget, it was announced that from Autumn of 2015 a new type of ISA would be introduced , available from banks and busilding sociates. The accounts will only be availble for 4 Years, but once an accounts is opened, you can keep saving for as long as you like.
The account can be opened with a lump sum of up to £1000 but thereafter you are lomited to saving a maximum £200 per month.When you come to buy your first UK property, the government will give you a bonus up t maximum £3,000, depending on how much you have saved. Basically, it is a £50 bonus for every £200 saved.
The bonus is ONLY available for home purchases of up to £450,000 in London and £250,000 elswhere in the country.
For more information, please contact us