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Are you a first time buyer? A Help to Buy ISA could help you

Conveyancing, Conveyancing Quote, Deposit, First Time Buyers, help to buy, help to buy ISA, Property, Property Market, Quicker conveyancing

What is a Help to Buy ISA?

A Help to Buy ISA is a new type of ISA which have been created to help first-time buyers save for a deposit for their home. As you are busy saving for your deposit you’ll receive a helping hand from the government to boost your savings amount and help you to get onto the housing ladder. The government will add a generous 25% on to your savings, up to a maximum of £3,000 on savings of £12,000 (this is per first time buyer. So, if you and your Partner both open an account you could receive up to £6,000 on top of your own savings).

Find out more and get organised!

As soon as you decide you want to start saving for your first home you need to set up an ISA account with your bank. This means you start saving as soon as possible as the more money you save the more you will benefit from the scheme.

Make sure you know the limits of the scheme

  • The government boosts your savings by 25% (i.e. a bonus of £50 for every £200 you save)
  • You can save up to £200 per month
  • The maximum bonus you can claim is £3,000 so to get the best bonus you would need to save £12,000
  • The house you purchase must cost a maximum of £250,000 (or £450,000 in London)

 

When you have found a house to buy…Tell us you hold a HTB ISA as soon as possible. Our initial information forms will ask you about this

  • Complete the forms we send you

Once we are aware you wish to take advantage of the scheme, we will send you a form to complete giving us information about your ISA account and asking for your authority to apply for the bonus on your behalf.

  • Go to your bank to close the account before completion happens (we will talk to you about this)

Your money will be sent to another account for you. You will need to instruct your bank that you wish to close the account and they will transfer your savings into another account of your choosing. They will then provide you with a closing statement.

  • Provide us with the closing statement

We need to submit this to the government website to prove to them the amount of savings you had in your ISA.

We will submit your signed authority form and closing statement to government website with a request for funds a few days before you complete your purchase and you will receive a letter from the government, through us, confirming the bonus has been approved and is being transferred to us.

  • We will ask you for your deposit less the sum we expect to receive from scheme

Don’t worry if this means you have less than a 10% deposit. Most sellers will agree to a lower deposit in these circumstances. You will receive statements from us showing the bonus sum we expect to receive.

  • We receive the HTB Bonus before completion and use this towards the purchase price.

 

If you are a first time buyer and you’re interested in a Help to Buy ISA…

We have a specialist team who have processed hundreds of Help to Buy ISA’s and would be happy to help you with any questions you may have. Simply call us on 01623 45 11 11.

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