Hi folks the deadline date for opening an ISA is the 30th November 2019 please take advantage of this scheme if you are eligible. Encourage your children  age 16 and over, to take advantage of the scheme if they wish get on the property ladder;

Details are below, let me know how you get along GOOD LUCK!!!!!!

Reminder the deadline to open a Help to buy ISA is fast approaching

Help to Buy ISAs are available until the 30 November 2019. After this the accounts will no longer   available to new savers, but if you opened your Help to Buy ISA before then you can keep saving into your account. You must claim your bonus by 1 December 2030.

More than 420,000 people have now used the government’s Help to Buy schemes to help them to buy their home.

More than 1.2 million accounts now opened, giving government bonuses of up to £3,000 on top of their savings.

What is a Help to Buy ISA?

A Help to Buy ISA is a government scheme designed to help you save for a deposit to buy a home. To qualify you must be a first-time buyer and not own a property anywhere in the world.

Savings are tax free just like any other ISA product, however, with a Help to Buy ISA you gain the added bonus of getting government contributions.

How do they work?

The government will top up any contributions you make by 25%, up to the contribution limit of £12,000. So, for example, for every £400 you save, the government will contribute £100. This means you can earn a maximum of contribution of £3,000 from the government.

What is the minimum I need to save to earn the Bonus

The minimum amount you need to save to qualify for a government bonus is £1,600 which gives you a £400 bonus.

You can start off your ISA with an initial deposit of up to £1,000

Help to Buy ISAs are available to each first-time buyer, not each home. So, if you’re buying a property with your partner, for example the good news is you’ll be able to get up to £6,000 towards your deposit!

When to tell your solicitor or conveyancer

Instruct your solicitor or conveyancer to apply for your government bonus once your offer has been accepted. Don’t wait until completion as this will be too late.

Once they receive the government bonus, it will be added to the money you’re putting towards your first home.

Will my bonus contribute towards the deposit to buy my home?

Yes, the government bonus will be added to your deposit.

When calculating your mortgage, your lender will want to see evidence of the funds you have available. This includes the amount saved in your Help to Buy ISA account. Your lender will then include the amount of your government bonus when working out your mortgage loan amount.

Do I qualify?

  • You need to be a first-time buyer.
  • You must be aged 16 or over.
  • You can use it to buy any home worth up to £250,000 (or up to £450,000 in London).
  • You can use a Help to Buy ISA with any mortgage; not just the Help to Buy mortgage.

The DON’T’S

  • You can’t use a Help to Buy ISA if you’re going to rent out the property.
  • You can’t use a Help to Buy ISA on an overseas property.
  • You can’t have more than one Help to Buy ISA.
  • You can’t open a Help to Buy ISA and a normal Cash ISA in the same tax year.

FOR FURTHER INFORMATION USE THE LINK BELOW:

How does it work?

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