If you have not heard about this scheme before, the Help to Buy ISA can be set up with most UK Banks and Building Societies. This is a savings account, aimed towards any person wanting to buy their first home. When you come to buying your house, the government will give you 25% of your savings back as a bonus after completion.
Help to Buy is relatively flexible, you don’t have to pay in a fixed amount each month, although there is a cap on how much you can pay in each month (£200 a month). However, for your first deposit you can put in up to £1200, which is worth keeping in mind. When you come to buying the property, in order to qualify for the government bonus, the property you are buying must: be in the UK, have a price of £250,000 or less (with a higher price limit of £450,000 in London), be the only home you will own, be where you intend to live and be purchased with a mortgage.
It is possible to withdraw your money from this ISA, so if another new scheme comes up it could be possible to transfer from the Help to Buy to another.
As a Help to Buy ISA is free to set up, for anyone who is thinking of buying their first property in the next few years, it is worth setting up an account. You only need to put £1 in it to open it. To find out more information and to work out if you are eligible, check out the link below.
Information taken from: https://www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/
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