March 27, 2016
A new Government Scheme is due to be launched this month offering to help first-time buyers to save a deposit for their first home. The Scheme involves opening a savings account which will include a Government top-up, based on the amount saved by first-time buyers.
Some of the banks and building societies participating in the Government's Help to Buy ISA Scheme have been named as Barclays, Lloyds Banking Group, Nationwide, NatWest, Santander and Virgin Money.
First-time buyers purchasing an owner-occupied home worth up to £250,000, or £450,000 in London, will be eligible for a Help to Buy ISA when it launches on 1 December 2015.
The monthly maximum contribution from savers into a Help to Buy ISA will be £200, following an initial deposit of up to £1,000, with the Government adding £50 a month at the most.
First-time buyers will have four years to open the account once it launches. The accounts will run indefinitely once opened. But if someone accumulates £12,000 over that time, a maximum of £3,000 will be added by the taxpayer.
The Scheme should run alongside building more homes, which is also good news for property developers.
If you are a first-time buyer looking to buy a home and would like to know how the Scheme could benefit you please contact us on 0116 289 7000.
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