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The Help to Buy ISA stopped accepting applications for new accounts on 30th November 2019. If you have an account before this date, you will be able to carry on saving until November 2029.
Under the scheme, the government supports first time buyers saving towards a deposit for their first home. To a maximum cap of £3,000, the government tops up the savings account by 25%. This means that for every £100 you save, there is an additional £25 included by the government. To reach the cap, you need to have saved £12,000.
The scheme is for individuals rather than households, so for a couple who are jointly saving towards a deposit, the maximum cap is £6,000 received. This equates to £24,000 in savings, which is then topped up to £30,000.
You can save up to £200 per month, with a lump sum deposit to start your account of £1,200. The minimum bonus is £400, so you will have to have saved at least of £1,600 to benefit from the scheme.
As a whole-of-market mortgage advice service, our experienced team of advisors have access to deals not available to the general public and have helped thousands of customers to find their perfect mortgage. Complete our simple online form today to get started!
Visit the Help to Buy ISA website for further information.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.