The deadline for opening a Help to Buy ISA is looming

Calling all future first time buyers and their parents– the deadline for opening an Help to Buy ISA is 30^th November 2019. If you do not open your ISA before this date then you will not be able to take advantage of the government bonus of 25%!

Help to Buy ISA’s are designed to help you save for the deposit on your first home. Once the ISA is opened you can save up to £200 per month. The minimum amount you need is £1,600 and the Government will then top up any contributions by 25% up to a savings limit of £12,000. You can therefore claim anything from £400 to £3,000, depending on the amount you’ve managed to save. That’s not just per property, it is per person, so if two of you buy and you are both first time buyers then you can claim up to an additional £6,000.

Rules apply you must:

• be a first time buyer.
• be a U.K. resident.
• have a valid National Insurance number.
• use the bonus to go towards your deposit, it cannot be used to pay for legal fees or Stamp Duty.
• be 16 or over to open the ISA, but cannot have opened any other ISA in this current tax year.

For more information see: https://www.helptobuy.gov.uk/help-to-buy-isa/who-is-eligible/

Additionally, in order to claim the government bonus you need to use a solicitor registered under the Help to Buy Scheme, which Franklins Solicitors are. 

Don’t risk losing out, act now!

For assistance on buying your first home or for more information and guidance on Help To Buy, please contact our Conveyancing team on 01908 660966 / 01604 828282 or email info@franklins-sols.co.uk