Recent government figures have shown that 147,000 first-time buyers have purchased their homes using a Help to Buy ISA.
What is a Help to Buy ISA?
A Help to Buy ISA is designed to help first-time buyers save up a deposit for their home. The government will add 25% to your savings. This is up to a maximum of £3,000 on savings of £12,000. Remember that this is per person. So, if you’re buying a property with your partner, for example, you will be able to get up to £6,000 (2 x £3,000) towards your deposit.
To qualify for a Help to Buy ISA.
The rules are straightforward-
- You need to be a first-time buyer.
- You must be aged 16 or over.
- You can use it to buy any home worth under £250,000. This increases to under £450,000 in London.
- You can use a Help to Buy ISA with any mortgage. You are not restricted to a Help to Buy mortgage.
You cannot use a Help to Buy ISA for the following-
- If you are planning to rent out the property.
- The purchase of an overseas property.
- You can’t have more than one Help to Buy ISA.
- You cannot open a Help to Buy ISA and a normal Cash ISA in the same tax year.
How Anstee & Co can help you purchase your first home.
Read more about mortgages for first-time buyers on our website. This will help you understand the buying process.
Check out our websites “Best Buy Tables”. These are automatically updated daily from the leading mortgage providers. Remember that the lowest rate is not always the best mortgage for you.
Why not arrange a meeting with one of our mortgage advisers. The initial fact-finding meeting is free and without obligation. Meetings can be arranged at a time that is convenient for you. This may be at the weekend or early evening.
Our mortgage advisers also live and make use of meeting rooms in, Droitwich, Wellingborough, Northampton and Bedford.
Why not call us today and see how we can help you?