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Help to buy a house with an ISAs.
The new, 'Help to buy' ISA is designed to help first time buyers save for a deposit for their first home, with the inducement of an extra 25% added by the government, we look at how the ISA works and who is eligible for them.
How the ISA works.
Launched in 2015 the new ISA is designed to give first time buyers a structure for saving for a deposit with the assistance of the government.
The government will top your savings up by an additional 25%, so if you are a first time buyer and you save £2000 a year the government will increase your fund by £500.
There are restrictions on the amount you can save in the, 'help to buy' ISA, the maximum saving is £12,000 and therefore the maximum contribution by the government is £3000, there is also a minimum level of savings which is £1600 making your fund £2,000 when the government contribution is added.
When you open an ISA you can begin with a deposit of £1,000.
The ISAs are personal, not restricted to a property, so if you are part of a couple you can have two.
You will not see the government deposit until you buy a property and it will be paid directly to your mortgage lender, so it will not attract interest.
Do you qualify?
You qualify if you are 16 and over, you must be a first time buyer and are buying a property worth under £250,000 if outside London £450,000 if in London.
You cannot use the ISA if you intend to rent out the property or are buying outside the UK.
Also you can only have one Help to buy ISA and open only one ISA of any type in the same tax year (start of tax year 6th April).
The bad news
They are not available until the autumn of 2015, and will only be available to open for four years.
Advice for savers
Because of the restrictions you may need advice on additional savings vehicles', speak to your bank or building society and look on line, National Savings and the Post Office often have great rates, make sure you understand risk and savings terms e.g. you don't want to tie your money up for five years if you are going to need it in two, as you will probably suffer penalties.
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