Are you a first time buyer trying to get your foot on the property ladder? Then you can receive ‘Help to Buy’.
By opening a Help to Buy ISA you can save up to £1,200 in your first month, then up to £200 each month thereafter.
Here is the best bit. The government will add 25% to whatever you have saved in the ISA towards the purchase of your new home. So save £12,000 and get a £4,000 bonus!
Buying together? No problem. If you are a first time buyer, buying with another first time buyer, you can both open a Help to Buy ISA. So, together, you can save £400 per month and double the bonus.
So when the time comes and you are ready to buy, you simply close the account with your ISA provider, obtain a closing letter and forward this to the solicitor undertaking conveyancing work on your behalf. The solicitor then uses this letter to apply online for your government bonus.
We at Fisher Law understand how a little help goes a long way and strive to minimise the stress and worry which surrounds this huge financial commitment. Through our experience in completing residential house purchases alongside this Help to Buy ISA Scheme and personal, first-hand experience in utilising it ourselves, we are able to meaningfully contribute to your ultimate aim of becoming a home owner and starting this exciting new chapter!
This latest blog is by Lindsey Wallace of Fisher Law.