Fear not, i don’t mean the end of the world but the end of the government scheme: Help to Buy ISA through which First-time buyers can save the deposit to buy a property.
The Help to Buy ISA, which started on December 1, 2015, is a government scheme designed to help non-home-owners to save for a mortgage deposit for buying a home.
To qualify you must be 16 or over and be classified as a first-time buyer and not own a property anywhere in the world. On top of your savings, the state will add 25%; which could mean £1,000s in free cash. What’s more, you can also earn up to 2.58% interest tax-free.
Just like every good thing, this scheme is coming to end soon. So if you want one, you need to open it by 30 November 2019. This is my clarion-call to everyone who is qualified to apply for this free money. Even if you have no savings, you can open one with just £1 and be eligible for up to £3,000 towards your first mortgage.
By opening your Help To Buy ISA account by the 30/11/2019, you can keep saving into your account until 30 November 2029 when accounts will close to additional contributions. You must claim your bonus by 1 December 2030.
For more information on how the scheme works, click on Help to Buy: ISA: FAQ.
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Author of "The Price of Financial Freedom"
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