Don’t Miss Out on The Help to Buy ISA
The final deadline the 30th November 2019 is approaching meaning members of the public are being urged to open them as soon as possible. The government has announced that the scheme is coming to an end later this year. To take advantage of the current scheme it is advised to open an account before the deadline.
Although you have the option to open an ISA account, there is also the option to hold off and buy a house later in the future, meaning you don’t have to buy straight away. In fact, 2029 is when you would need to cash in before you lose the benefits of the scheme. An additional beneficial factor to the scheme is that if you are considering buying with a partner then they can also open an account.
It is still an easy process to open an account even if funds are limited, as an account can be opened with as little as a £1 initial deposit, which means that there is all the more reason to open one if you are planning on purchasing your own home.
The aim of the scheme is that the government boosts the total savings which are deposited by a generous 25% when you cash in to purchase your first home. The maximum bonus payable is capped at £3000. The scheme was designed to help kickstart the property market and make the accessibility of buying a property easier.
On the other hand, there are also minor limitations about how much a person can pay in. There is a cap of £200pm with a maximum initial deposit of £1200. However, the bonus itself is to help with the costs involved with buying a property for the first time rather than the initial deposit.
The reason for this is that the entitlement for the bonus is only processed after there is evidential proof from your solicitor to show that savings have been used towards your first home purchase. Therefore, the bonus is only payable after the complete application has taken place.
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