The First Time Buying ‘Secret’ is About to End

Getting your foot onto the property ladder is a big step for people.

But it’s also a step that you can get a helping hand with – until the end of November anyway.

A lot of first-time buyers start on the road to owning their own home by saving up for a deposit.

This is a sensible approach and one that can be boosted by a ‘secret’ we’re about to share.

You see a lot of first-time buyers are unaware of a Government initiative called the Help to Buy: ISA.

And it does exactly what it says on the tin.

The Help to Buy: ISA is a savings account which helps first-time buyers build up more of a pot through a 25 per cent top-up from the Government.

But the offer ends on November 30, 2019, so you need to act NOW to open one.

Here’s briefly how it works

Open a Help to Buy: ISA, which is offered from a range of banks or building societies and the Government will boost your savings by 25%.

So, for every £200 you save, receive a government bonus of £50. The maximum government bonus you can receive is £3,000.

The offer is available to each first-time buyer, not each household.

This means that if you are planning to buy with your partner, you could receive a government bonus of up to £6,000 towards your first home.

Claiming your bonus

When you are close to buying your first home, you will need to instruct your solicitor or conveyancer to apply for your government ‘gift’. Once they receive the government bonus, it will be added to the money you are putting towards your first property – result!

Think ahead

If you don’t see yourself buying your first home soon but plan to at some point, it’s worth opening a Help to Buy: ISA before the November 30 deadline as it gives you until 1 December 2030 to claim the bonus cash.

As with all financial matters and Government schemes it pays to do your homework so take the time to learn more about the offer.

For more detailed information around Help to Buy visit the Government website below, the site even has a calculator where you can work out how much you could be entitled to:

https://www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/

Don’t forget that November 30 deadline.