Saving up to buy your first home can be a challenge, but assistance is at hand in the form of the Government Help to Buy ISA.
This initiative allows a First-Time Buyer to deposit an initial £1,000, followed by £200 a month. When they decide to buy, the Government will provide a 25% bonus up to a maximum of £3,000. This means savings of £12,000 will be boosted to £15,000.
There has been some recent criticism over when the bonus can be claimed. The bonus is only available on completion rather than at exchange of contracts, when the deposit is normally paid.
Purchases can go ahead however without the need to pay the typical 10% deposit at exchange.
The best way to avoid issues further down the line is to make sure that the solicitor is aware from the outset that a Help to Buy ISA is being used.
First Time Buyers should certainly not be put off using a Help to Buy ISA to get their foot on the ladder. At the moment interest rates are better than on most standard savings accounts, and that 25% bonus will provide a much needed boost.
Each person can have one of these ISA’s, so those buying jointly could bump up their deposit fund significantly, and get a foot on the first rung of the property ladder a little quicker.
Newcastle Office
119-121 St George's Terrace
Jesmond
Newcastle upon Tyne
NE2 2DN
0191 240 3333
js@sarahmains.com
Low Fell Office
4 Beaconsfield Road
Low Fell
Gateshead
NE9 5EU
0191 487 8855
lfs@sarahmains.com
Whickham Office
8-10 The Square
Whickham
Newcastle upon Tyne
NE16 4JB
0191 488 9999
ws@sarahmains.com
About Us
Sarah Mains Residential Estate Agent | Branches throughout Newcastle and Gateshead.
Open 9am to 5pm Monday to Friday and 9am to 1pm Saturdays
2021 © Sarah Mains Residential Sales & Lettings. All rights reserved. Terms and Conditions | Privacy Policy | Cookie Policy | Complaints Procedure | CMP Certificate | Disclaimer
Sarah Mains Residential Ltd. Registered in England & Wales. Company No: 04324202. Registered Office Address: 8-10 The Square, Whickham, Newcastle Upon Tyne NE16 4JE .
Sarah Mains Residential (Whickham) Ltd. Registered in England & Wales. Company No: 05774118. Registered Office Address: 8-10 The Square, Whickham, Newcastle Upon Tyne NE16 4JE .
Sarah Mains Residential (Newcastle) Ltd. Registered in England & Wales. Company No: 04919065. Registered Office Address: 8-10 The Square, Whickham, Newcastle Upon Tyne NE16 4JE .