Help to Buy ISAs were first introduced back in 2015, to help first-time buyers save up a deposit for their home. The government will add 25% to an individual’s savings, up to a maximum of £3,000 on savings of £12,000.
However, Help to Buy ISAs are only available until 30th November 2019. Following this date, these accounts won’t be available for new savers, although if you have already opened the account you can continue to save. The government bonus must be claimed by 1st December 2030.
If the deadline is missed, individuals are still able to save for their first home using a Lifetime ISA which also provides a 25% government bonus. However, there are various details which must be taken into account when using such products.
If you require any further information on Help to Buy or Lifetime ISAs, please do not hesitate to get in touch with a member of the team at Eldon.
Click here for further information on Help to Buy ISAs.
Click here for further information on Lifetime ISAs.