Launch of Help to Buy ISA is good news
The Help to Buy ISA launches through selected banks and building societies on the 1st December 2015 and the team at Peter Alan welcome this as another positive move towards aspiring home owners taking their first step onto the housing ladder.
The Help to Buy ISA will assist first time buyers save for a deposit by allowing individuals to save up to £200 a month towards their first home which the government will then boost by 25%. Effectively this is a £50 bonus for every £200 saved, up to £3,000. The new ISAs will be available to take out for up to four years for homes worth up to £450,000 in London and £250,000 elsewhere.
“The Help to Buy ISA is a great incentive to help people save for their first home and a welcome addition to the Help to Buy scheme which enables purchasers to buy a home with only a 5% deposit,” says Andrew Barry Managing Director at Peter Alan. “Aspiring home owners will get the chance to build an even greater deposit pot which, in time, can only help to get the local market moving and will surely build confidence for those looking to enter the housing market.”