Help to Buy: ISA – For First Time Buyers

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If you are a First Time Buyer a great way to can save for your first house is into a Help to Buy ISA.  If you do you will receive a boost/bonus to your savings provided you use the savings to purchase a house for the first time.

How does it work?

You can save a maximum initial £1200 in the first month, then £200 per month maximum thereafter into a Help to Buy ISA with a Bank or Building Society.

Providing that you use this money as a deposit for a house the government will add 25% to the savings you make.

Note: The total maximum you can save into a Help to Buy ISA is £12,000.  Therefore the maximum the government will add is £3,000.

Most Banks and Building Societies offer Help to Buy ISA’s.  Please contact us at Suitable Financial Advice if you would like some help pointing you in the right direction for saving.

Once you have saved your deposit, Suitable Financial Advice will be able to help you with the types of mortgages available for your first house purchase.

These details are correct at the time of publishing  For more details see: https://www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/