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If you are saving to buy your first home, the Government’s Help to Buy: ISA, launched yesterday could provide a helpful bonus. Under the terms of the scheme, the Government will boost your new home savings by 25% so, for every £200 you save, the Government will add a bonus of £50. The maximum government bonus you can receive is £3,000.
Help to Buy: ISA accounts are available to each first time buyer, not each household. This means that if you are buying with a partner, you could receive a government bonus of up to £6,000 towards your first home.
You can save up to £200 a month into your Help to Buy: ISA, apart from the first month when you can deposit up to £1,200.
The minimum government bonus is £400, which means that you will need to have saved at least £1,600 before you can claim the bonus. The maximum government bonus you can receive is £3,000 – so, to receive that, you need to have saved £12,000.
Your solicitor or conveyancer will apply for the bonus when you are buying your first home and the cash will be put towards the cost of buying the home.
To be eligible for the scheme, you must:
The Help to Buy: ISA can be used in connection with other Government Help to Buy schemes such as the Mortgage Guarantee; Equity Loan; and share ownership schemes.
We will get back to you as soon as possible.