t: 01633 240080,  f: 01633 240081

24 Bridge Street, Newport NP20 4SF

Final reminder to sign up for Help to Buy

Source: HM Revenue & Customs | | 19/11/2019

The Help to Buy ISA scheme will close to new savers after 30 November 2019. If you are interested in signing up to the scheme you need to do so ASAP and certainly before midnight on 30 November 2019. If you are a first-time buyer and planning to buy a property in the short to medium term, you should think about whether you (or perhaps your children) would benefit from this scheme.

Under the scheme you can claim a Government bonus of 25% on monthly savings of up to £200 towards a first home. The bonus translates to an extra £50 added to every £200 saved up to a maximum Government contribution of £3,000 on £12,000 worth of savings. You need to save at least £1,600 to receive the minimum Government bonus of £400.

Importantly, an account can be opened now with as little as £1, but you can make an initial deposit of up to £1,200 (the monthly maximum plus an extra £1,000). The scheme is open to first-time buyers aged over 16. Once you have opened an account you will be able to save in your Help to Buy ISA account until 30 November 2029 when accounts will close to additional contributions. Bonuses can be claimed until 1 December 2030.

The bonus is only payable on the purchase of a first home. The scheme is limited to one per person (not one per home) so two people buying a home together can both receive a bonus. The bonus is available on home purchases of up to £450,000 in London and £250,000 outside London and can only be claimed against the deposit for a new home. It cannot be used to pay solicitors, estate agents or any other costs associated with buying a home.



 

Latest News

  • Summer Statement

    08/07/2020 - More...

    The Chancellor, Rishi Sunak continued with his campaign to support the business and jobs community today, 8 July 2020, as firms engage with the disruption caused by the coronavirus

  • Tax Credits updates required this month

    07/07/2020 - More...

    Families and individuals that receive tax credits should ensure that they review their tax credit claims by 31 July 2020. Claimants who do not inform HMRC about relevant changes in

  • Reminder of businesses opening since 4 July 2020

    07/07/2020 - More...

    A reminder that since 4 July 2020, many business sectors have been given permission to reopen in England. The businesses are expected to follow COVID-19 secure guidelines. The

Newsletter

With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!

» Sign up for the newsletter
» Login

 

Copyright © 2020 Haasco Limited (Company registration 7030921). Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales (Firm C003118150). Indemnity insurer - Axis Speciality Europe SE (Policy 374997016)

Cookie Policy | Privacy Policy