Closing Date Approaches for Help To Buy ISA Scheme
Published 21 November 2019
The ‘Help to Buy ISA’ is a Government funded scheme giving first-time buyers (aged 16 and above) the opportunity to earn a 25% bonus on top of their current savings towards their first home.
The scheme was first introduced in December 2015 and comes to an end on 30 November 2019, so there is still a chance to avail of this incentive before the closing date.
How to register…
Open your Help to Buy ISA at any participating bank or building society with an initial deposit from £1 up to £1,200.
Save up to £200 a month into your Help to Buy ISA.
The minimum bonus is £400, meaning that you need to save at least £1,600 into your ISA before you can claim your bonus.
The maximum bonus is £3,000, meaning that you need to save £12,000 into your ISA before you can claim your bonus.
If you plan to purchase your first house along with your partner, both of can open your own separate Help to Buy ISAs, essentially doubling your overall bonus.
If you open your ISA before 30 November 2019, you can continue to save into your account until November 2029 and claim thereafter.
When you’re ready to buy…
Whenever you decide to buy your house, you simply close the ISA and transfer the money. The money must be transferred to your Solicitor, who will then claim the bonus and complete the purchase on your behalf.
MKB Law are officially registered with the Help To Buy ISA scheme, and have already helped a number of first-time buyers successfully claim their bonus. As one of the top Conveyancing solicitors in Belfast, MKB Law can ensure that the purchase of your property is undertaken in a timely and efficient manner.
Property solicitor, Anne Wilson comments: “The scheme is great way for potential first time buyers to put money aside for their first property plus earn a tax-free bonus on top of that. Please get in contact with myself or a member of the Conveyancing team here at MKB Law, we will assist you with all stages of your house purchase and claim your Help To Buy bonus.”