The Government’s Help to Buy ISA scheme will close to new accounts at midnight on 30th November 2019.
If you have already opened a Help to Buy ISA, or do so by this date, then you will be able to continue saving into your account until November 2029.
Your savings to buy a first home could be boosted by a Government Bonus of 25% as well as bank interest upon the money you save.
This is free money- not a loan- you don’t need to pay this bonus back!
Accounts are available to each first time buyer over 16 years of age so if you are purchasing as a couple each individual can receive a 25% bonus to help them with their deposit. You are able to deposit up to £1,200 to get you started and thereafter pay in up to £200 per month. The maximum government bonus you can receive is £3,000 – to receive that, you need to have saved £12,000
If you or your children are possibly considering purchasing a property in the next 10 years the Help to Buy ISA could help you or them with their deposit.
When you come to purchase your first home simply tell your solicitors, Hastings Legal, that you have a Help to Buy ISA and we will claim the bonus from the government for you.
The Help to Buy ISA is being replaced by the Lifetime ISA and there are a number of pros and cons to each.
Hastings Legal are not authorised to give financial advice however it might be worth considering opening a Help to Buy ISA before you lose the scheme closes and you lose the choice.
You can however read guidance from Money Saving Expert’s Martin Lewis here
For more information on Help to Buy ISA’s see the Government’s website click here.
Act now before it’s too late; what do you have to lose?
If you don’t end up buying a house you simply withdraw your money together with interest without penalty.
If you are buying in Scotland you will need a Scottish Solicitor.
If you are selling, Hastings Legal are the top-selling Solicitor Estate Agents in the Borders.
With a Solicitor/Estate Agent you have more control of the process
and because of our unique No Key No Fee policy you are shielded from the legal costs if your property sale or purchase fails to materialise.
To find out what Hastings Legal can do to help you find your ideal home or your ideal buyer give us a call or pop in to one of our offices in Kelso, Duns, Selkirk and Eyemouth.
It’s never too early to call Hastings Legal, your dedicated Borders firm of Solicitors and Estate Agents.
Here for you in the Scottish Borders