Government Help With Buying Your First Home

If you are saving to buy your first home, you might be surprised to find out that if you save money into a Help to Buy: ISA the Government will boost your savings by 25%. 

If you are saving to buy your first home, you might be surprised to find out that if you save money into a Help to Buy: ISA the Government will boost your savings by 25%. So, for every £1, 000 you save, you receive a government bonus of £250. The maximum government bonus you can receive is £3,000.

The accounts are available to each first time buyer, not each household. This means that if you are planning to buy with your partner, for example, you could receive a government bonus of up to £6,000 towards your first home.
How does it work?

You can save up to £200 a month into your Help to Buy: ISA. In addition to kickstart your account, in your first month, you can deposit a lump sum of up to £1,200.

The minimum government bonus is £400, meaning that you need to have saved at least £1,600 into your Help to Buy: ISA before you can claim your bonus. The maximum government bonus you can receive is £3,000 – to receive that, you need to have saved £12,000.
Claiming the bonus
When you are close to buying your first home, you will need to instruct your solicitor or conveyancer to apply for your government bonus. NORTHWOOD BANKS & CO are on the panel to deal with this special government bonus and will be able to deal with all the paperwork and legal side to ensure you get your bonus. Once they receive the government bonus, it will be added to the money you are putting towards your first home. The bonus must be included with the funds consolidated at the completion of the property transaction. It is worth noting That the bonus cannot be used for the deposit due at the exchange of contracts, to pay for solicitor’s, estate agent’s fees or any other indirect costs associated with buying a home.
For help and advice on this or any other house moving question call Charles or Deepak on 01217069811.