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What is the Help to Buy ISA?

Announced in the Chancellor’s Budget in March 2015, the Government will now contribute towards the cost of buying your first home if you save into a new type of ISA.

The new Help to Buy ISA scheme, which launched on 1st of December 2015, means you’ll be able to save up to £200 a month into your account and the government will then top this amount up by 25%.

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So, if you manage to save the maximum each month, the government will be topping up your account with £50 for every £200 saved. The government bonus will be capped at a total of £3,000 on £12,000 of savings. The minimum you need to have saved to get the bonus is £1,600 (so a £400 bonus).

You can also save an additional £1,000 when you first open your Help to Buy ISA account, meaning you can save £1,200 in the first month, and have it topped up with £300.

Help to Buy ISA availability

The Help to Buy ISA is available through banks and building societies, and works the same as a regular cash ISA. This means you can build up tax-free savings, and earn interest as well as getting the bonus at the end.

The government bonus can only be put towards a first home located in the UK with a purchase value of less than £450,000 or less in London and £250,000 or less in all other parts of the UK. Fortunately, many of our properties aimed at first time buyers fall within this bracket.

For more information, please visit the official gov.uk website