Help to Buy ISA Deadline Approaching
If you are looking at buying your first home or know somebody else who is considering doing so, such as your children or grandchildren, then this Government backed savings scheme might be an option.
This has been available since December 2015 and is aimed at first time buyers aged 16 or over who are looking to save up a deposit for the purchase of their first home. The Government adds a bonus of 25% to your savings up to a maximum of £3,000. This is per person.
It can be used as a purchase of a first time buyer’s home worth up to £450,000 in London or £250,000 in the rest of the UK. It is important to note though, that this ISA offering is coming to an end for new investors on 30th November 2019.
So, if you want to make use of this particular Government backed incentive then you may want to consider opening a Help to Buy ISA account before the deadline, even if the opening capital invested is only £1. Assuming the account has been opened in time the Government bonus of up to £3,000 must be claimed, for the appropriate purpose, by 1st December 2030.