Budget 2015: Help to Buy ISA
The Government has announced they will be launching a Help to Buy ISA to help first-time buyers save for a deposit.
After his Budget speech yesterday, Chancellor George Osborne has announced a new product to help first time buyers save up for a deposit. For every £200 saved, the Government will top it up with an additional £50 which equals as a 25 per cent tax-free bonus. The bonus will be calculated and paid when the borrower buys their first home.
This bonus is available on homes valued up to £250,000 (£450,000 in London).
There is a maximum initial deposit of £1,000 and the maximum monthly deposit is set at £200. The Government will contribute a maximum of £3,000 on £12,000 of savings.
Savers can only save into one cash ISA per year. This means it will not be possible for a saver to subscribe to a Help to Buy ISA and another cash ISA with another provider.
Osborne said: “It is as simple as this: we will work hand in hand to help you buy your first home. This is a Budget that works for you.”
If you are interested in knowing more or would like independent mortgage advice in Eastbourne, feel free to call one of our Brokers on 01323 409 849 or email office@sentryadvice.co.uk
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