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First Time Buyers – Take Advantage of a Help To Buy ISA!

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There is some good news, at last, for first time buyers.  The government has introduced a brand new savings scheme to help buyers put together a deposit to buy their first home.

The savings plan is known as a Help to Buy ISA and under it the government will boost savings by 25% to help first time buyers get on the property ladder.  That means for every £4 saved, the government will contribute a further £1.

The scheme, available since 1st December, allows the government to add up to £50 a month on savings of £200, up to a maximum of £3,000 on total savings of £12,000.  So if a couple can save £24,000 between them towards a deposit, the government will contribute a further £6,000, giving them a total deposit of £30,000.

Under the existing Help to Buy scheme homebuyers may buy a new property with a deposit of just 5%.  If a couple are hoping to buy a brand new home worth £250,000, for example, they will require a 5% deposit of £12,500.  By using the new ISA scheme, the couple need only contribute £9,500 with the government providing the additional £3,000.

Amongst the High Street lenders supporting the scheme are Barclays, Lloyds Banking Group, Nationwide, NatWest, Santander and Virgin Money.  For full details of the scheme visit www.helptobuy.gov.uk

If you are thinking of buying or selling in the Gloucester area, contact long-established local estate agents Farr & Farr on 01452 500025 or explore our website farrandfarr.co.uk