November deadline for First Time Buyers to open Help To Buy ISA
Time is running out to open a Help to Buy ISA, with the scheme closing to new applicants on 30th November 2019.
The Help to Buy ISA was introduced on 1st December 2015 as a great option for potential First Time Buyers to gain a 25% boost to their own tax-free savings thanks to savings-based contributions from ISA and the Government. So, for every £200 you save, you’ll receive a government bonus of £50, with the ability to earn a maximum bonus of £3,000 on savings of £12,000.
If you are purchasing with a partner who is also a First Time Buyer they will also be able to open a Help to Buy ISA to be used against the purchase of the property, meaning that together you are eligible to receive a bonus of £6,000 in addition to your combined savings of £24,000.
The bonus far outweighs any options for an interest baring savings vehicle and is tax-free. You can open a Help to Buy ISA with a deposit of as little as £1, and thus secure the abovementioned benefits for the future, but new First Time Buyers need to move quickly in order to avoid the deadline.
If you are a First Time Buyer wishing to buy a house in Northern Ireland and require a property conveyancing solicitor to handle the legal process for you, contact Wilson Nesbitt in Belfast or Bangor by clicking here.