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Help To Buy - ISA

Published: 15 January 2019

Alexander & Co Solicitors LLP are accredited Conveyancers to assist you in using your Help to Buy ISA when purchasing your home.

If you are saving to buy your first home, save money into a Help to Buy: ISA and the Government will boost your savings by 25%. So, for every £200 you save, receive a government bonus of £50. The maximum government bonus you can receive is £3,000. The scheme is open until 30th November 2019 for new savers.

To qualify for the government bonus the property you are buying must:

  • be in the UK;
  • have a full sale price of £250,000 or less outside of London and £450,000 in London (you can see the London boroughs eligible for the £450,000 price cap at: www.helptobuy.gov.uk/documents/2015/12/london-definition.pdf);
  • be the only home you will own;
  • be where you intend to live; and
  • be purchased with a mortgage.

The Help to Buy: ISA bonus must be claimed on your behalf before the completion date and must be included with the completion monies when completion takes please.

The bonus cannot be used for or towards:

  • The deposit payable on exchange of contracts
  • Payment of solicitors' fees, estate agents' fees or any other indirect costs associated with buying a home.

For further information on how the Help to Buy ISA can work for you please visit https://www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/ or contact Catherine Alexander at Alexander & Co – 01332 600005 CA@AandCo.co.uk