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Help to buy ISA's solicitors sheffield

Help to Buy ISA's explained

March 2015

In the 2015 budget the government has announced further help for first time buyers in the form of a Help To Buy ISA. An individual can make an initial deposit of up to £1000 and then monthly deposits to a maximum of £200 per month. When the money is withdrawn to purchase a property the government will add a bonus of 25% to the amount in the ISA. The bonus is capped at £3000, so the maximum savings on which the bonus is paid is £12,000.

To qualify for the bonus the money must be used to purchase a property which is an individual's main home and they must be a first time buyer. It cannot be used for a buy to let property. There is a limit of one Help to Buy ISA per individual but a number of individuals can use their ISAs to buy the same property. The value of the property purchased must not exceed £450,000 in London and £250,000 elsewhere. There is no limit to the length of time the money can remain in the ISA.

The government intends this scheme will be available from autumn 2015.

For further advice on conveyancing please contact us.

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