Good news for first-time buyers
Following on from its latest Budget, the government has made a positive announcement for first-time buyers who are saving for a deposit.
A new ‘Help to Buy’ ISA is be released by most banks and building societies this autumn. As with other ISAs, your savings won’t be taxed and will earn interest. What’s special about this scheme is that the government will add £50 for every £200 you save.
There are conditions, however. The £50 top-ups can only be accessed to buy a property and if you are a first time buyer, so you cannot cash them in for a last-minute holiday. Instead of the annual £15,240 allowance for most ISAs, ‘Help to Buy’ only allows you to save £3,400 in the first year and £2,400 per year thereafter. You also don’t get any interest on the government’s contributions.
More details about the scheme have not yet been released, but we will share them with you as soon as they are. Meanwhile, below is a user-friendly guide to the scheme so far.
Michael Dean
Assistant Lettings Negotiator
Horncastle & Lincoln Offices
Email: lettingslincoln@robert-bell.org
Tel: 01522 538888
Twitter: @robertbellandco
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