Help to Buy ISA scheme closing
The Government backed Help to Buy ISA is closing to new applicants on 30th November 2019, giving first time buyers just a few months left to open one.
The scheme allows people to receive a 25% government bonus on savings they use to buy their first home, up to a maximum of £3,000.
In the first three months of 2019, 18,682 property purchases were supported by the scheme. Treasury statistics show that this figure rises to more than 234,000 properties since the scheme started. The average bonus in this time was £920, so well worth having!
Account holders can still pay into their Help To Buy ISA for another 10 years, to 30th November 2029, and they then have an additional twelve months to claim their bonus, which must be before 1st December 2030.
First time buyers can also use the Lifetime ISA to save for their first home, or for their retirement. This also offers a 25% bonus from the Government, but the bonus can be far larger. This can amount to a maximum of £33,000 for someone saving the maximum amount every year between age 18 and 49.