Help to buy ISA
NEW for 2016 is the help to buy ISA which is a new incentive for first time buyers who are over 16 years old help save for a deposit for their first home.
How does it work?
If you are saving to buy your first home, save money into a Help to Buy: ISA and the government will boost your savings by 25% so, for every £200 you save, receive a government bonus of £50. The Maximum government bonus you can receive is £3000
Also the Help To Buy ISA will be available from a range of well-known banks and building societies. The minimum government bonus is £400, meaning that you need to have saved at least £1,600 into your Help To Buy ISA before you can claim your bonus. And the maximum government bonus you can receive is £3,000 to receive that, you need to have saved £12,000.
We thnk this is an excellent option for first time buyers and young people to save for their first deposit.
What do you think?
See more information at www.helptobuy.gov.uk