Help to buy ISA
The government has created a Help to buy ISA scheme to allow people to save towards their first home.
First time buyers can save up to £300 per month and the government will add a bonus to those savings of 25% which is used towards the purchase price, fees and outlays of the buyer’s home. The funds need to be deposited over a period of at least 3 months. Buyers should speak to their bank regarding the opening up of the Help to Buy ISA and the request for the funds is then sent by the solicitor on closure of the account and prior to the completion of the purchase.