The Help to Buy ISA Deadline – What you need to know
The Help to Buy ISA was introduced in 2015 as a way of assisting first-time buyers with getting onto the property ladder. The Scheme has been hugely popular; assisting around 250,000 new buyers.
Any property purchased with the scheme, is limited in value to £450,000 within London or, £250,000 outside of London. Savings are tax-free with the government topping up any contributions made by 25%, up to a limit of £12,000. So, for every £200 you save, the government will contribute £50; resulting in a maximum potential government contribution of £3,000.
The deadline to open a Help to Buy ISA is 30th November 2019. To qualify for a Help to Buy ISA you must be a first-time buyer and be aged 16 or over. ISA’s opened prior to the deadline can continue to be used for savings until November 2029 and bonus’ can be claimed until 1st December 2030.
Should you have any property related issues you would like to discuss or have further questions on this contents of this article, please email a member of a residential property team or, complete the ‘Quick Enquiry’ form to your right.