New Help to Buy ISA Every 30 Seconds

New Help to Buy ISA Every 30 Seconds.

Help to buy ISAs were launched on 1 December 2015 to encourage first-time buyers to save with a special bonus from the government added to your savings.

Yesterday, HM Treasury along with the Chancellor, George Osborne, issued a joint statement suggesting that currently a e. Help to Buy ISA is being opened every 30 seconds in the UK.

Help to Buy ISA details:

Save up to £200 a month in a dedicated ISA that the government will top up by 25%, up to a maximum of £3,000m bonus. I.e. you save £12,000 and the government will add £3,000.

First-time buyers eager to make the most of the scheme can also open their account with a one-off lump sum of up to £1,000 in addition to the monthly maximum.

And couples buying together will be able to combine their bonuses, meaning a potential boost of up to £6,000 towards a deposit for a first home. Couples save £24,000 between them and the government will add £6,000.

Since launch, the government claimed that 250,000 new Help to Buy ISAs have been started. Currently, there are 15 banking groups that offer Help to Buy ISAs.

Comment

We believe the Help to Buy ISA should now be one of the first choice savings vehicles for any person that does not own a home. You may well be saving and getting a 25% bonus for free as well as it growing tax-free.