Free cash for First Time Buyers – but don’t delay!
The Help to Buy scheme was launched by the Government back in 2013 to help first time buyers struggling to save for a deposit and to assist existing home owners move up the property ladder if they only had limited equity within their home.
As part of this scheme the Government created a Help to Buy ISA product exclusively for first time buyers in which they will boost their savings by an additional 25%. In the first month of saving, first time buyers can pay in a lump sum of up to £1200 and then up to £200 per month after that. The maximum bonus that can be received is £3000 and in order to claim this, they will have to have saved £12,000.
Unlike the Help to Buy mortgage product, which can only be used against a new build property, the bonus payment received from the Help to Buy ISA can be utilised against any property purchased for less than £250,000 (£450,000 in London) provided that the purchase is being made with a mortgage.
However, time is running out for first time buyers to get their hands on this free cash. At the end of November 2019, Help to Buy ISA’s will no longer be available to newcomers but if an account is opened before this date, then savings can continue to be made up until the end of November 2029.
If you are a first time buyer, or you know anyone who is, then please get in contact with us here at Eden Estates. We can put you in contact with one of our local and trusted independent financial advisers who can help get you started on the path to owning your first home.