Getting into the UK property market as a first time buyer can be daunting and very difficult, especially saving for deposit as average UK property prices and living expenses are expensive.
If you’re dreaming about buying your first home and your are over the age of 16, the Help to Buy ISA could be the savings account for you. It lets you save tax-free, gives you instant access to your cash, pays a competitive interest rate, and when you buy your first home you can claim a 25% government bonus on amounts saved between £1,600 and £12,000.You can only open a Help to Buy: ISA until 30 November 2019. After this date, the account will not be open to new savers, as the government is closing the scheme.
Even if you’re not planning on buying any time soon, or are unsure of your future plans, you can still open a Help to Buy: ISA with as little as £1 today, and continue saving into the account up until 30 November 2029. The government will boost your savings when you buy your first home up until 1 December 2030.
You can earn a competitive interest rate which will help your savings grow – up to 2.58% AER per year/2.55% or more tax-free per year variable depending on the bank or financial institution current interest rate available.. You can pay in up to £1,200 in the first calendar month, then up to £200 per calendar month afterwards.
Because it’s an ISA, interest paid on the account will be tax-free – just remember you can only pay into one cash ISA per tax year.
Thinking of buying a property?
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