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Saving for your first home? Find out how to get an extra £3,000 with the Help to Buy: ISA

Help To Buy ISA

Help to Buy ISA’s are a tax free account, designed to help First Time Buyer’s save a deposit for their first home. You can pay in up to £1,200 in the first month, followed by £200 per month thereafter. Once you have saved a minimum of £1,600, you are then eligible for a bonus from the government of 25% of your savings. This means that for every £200 you pay in, the government will add £50 to the deposit.

This bonus is capped at a maximum of £3,000 per person, however if 2 people are buying together, they can both open their own ISA’s and so benefit from two bonuses.

To get the full £3,000 bonus, you would need to pay in a total of £12,000 across 5 years. When you are ready to buy the property, the solicitor will request the bonus from the government, to add to the savings you already have.