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16 April 2015

Help to buy ISA to help first time buyers onto property ladder

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16 April 2015

Help to buy ISA to help first time buyers onto property ladder

First time buyers may now only need to save £8,000 for a £200,000 home following the introduction of a new Help to Buy ISA.

One of the most challenging parts of buying your first home is saving for the deposit and research shows that over half of first time buyers need financial help from friends and family.  The position has been compounded, over recent years, as house prices have increased dramatically and as a consequence, the number of first time buyers has remained relatively low.

With the introduction of a new ISA bonuses coupled with existing homebuyer schemes that offer interest free loans, this could mean as little as £8,000 for a £200,000 property with a 5% deposit. With the new Help to Buy ISA, the Government will reward savings of £200 per month with a £50 bonus; therefore savings of £8,000 would be topped up by £2,000 to £10,000 through the scheme.

The new Help to Buy ISA will be available from banks and Building Societies from Autumn 2015 and savers will be able to open their account with as little as £1,000.

Help to buy ISA to help first time buyers onto property ladder

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Expert Commentary

“This will boost first time buyers’ buying potential and the maximum £3,000 bonus on savings of £12,000 will provide much needed financial help.”

“Furthermore, the new ISA will be linked to individuals rather than specific properties meaning that first time buyers can pool their ISA bonuses of up to £6,000 per couple.”

“Buying a home will remain a challenge for many, particularly if mortgage rates increase this year as some commentators are suggesting, but this initiative goes some way to addressing the issues faced by those seeking to take their first step on the property ladder.”

This is not legal advice; it is intended to provide information of general interest about current legal issues.

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