ISAs for first time buyers

Let’s face it. It isn’t easy buying your first home. There are so many things to consider, not least of which is where the money is going to come from to cover the deposit. Many of us have turned to the ‘Bank of Mum and Dad’ for help. But for most of us, the only option is to save for it.

Saving for a deposit can take a while. Wouldn’t it be great if there was some help available to speed things up a bit? Well there is. It comes in the shape of the shape of the government’s Help to Buy ISA. If you are saving to buy your first home, save money into a Help to Buy: ISA and the government will boost your savings by 25 per cent. So, for every £200 you save, receive a government bonus of £50. The maximum government bonus you can receive is £3,000. Click here for more information on Help to Buy ISAs.

To qualify for a Help to Buy ISA you need to be a first time buyer over the age of 16, resident in the UK and have a National Insurance number. To qualify for the government bonus, the property you are buying must be in the UK and have a purchase price of up to £250,000 (or up to £450,000 in London). You must buy the property with a mortgage and it must be the only home you will own and where you intend living.

Help to Buy ISAs for first time buyers are available from all the major high street banks and most major building societies.

Money Advice Service and Money Saving Expert provide more detailed information on what's available and from where.

At Larkfleet Homes we have many developments with homes for first time buyers. Help to Buy is available so please give us a call or visit our website and let us help you into your first home today.