Help to Buy ISAs are set to launch from the 1 December, aiming to help first-time buyers save a deposit for a home.
Under the government scheme, individuals over the age of 16 can save up to £200 into an account per month. Buyers can also deposit a lump sum of up to £1,000 when they set up their account.
A 25% bonus will be added to the closing balance of an account up to a maximum of £3,000. Bonus is then paid when the account is closed, as part of the conveyance process towards your first home.
According to a survey of 2,000 prospective first-time buyers by Halifax, 48% of prospective first-time buyers are expected to open a Help to Buy ISA.
More than half (52%) say the deposit they need is stopping them buying a house.
Giles Martin, head of Halifax savings said:
“It is clear from our research that while some people are still worried about the challenge of saving for a deposit, many see the new Help to Buy ISA as a genuine solution, with half of prospective first-time buyers intending to open an account.”
Contact us today to discuss about your saving plan.
This material is for informational purposes only and should not be relied upon as professional advice.
