20th March 2015
Streets Ahead Estate Agents say Chancellor’s new Help-To-Buy ISA will help thousands achieve their first home dream.
The Chancellor’s new Help To Buy ISA could help thousands of first time buyers get on the property ladder sooner according to Streets Ahead Estate Agents’ Director Gary O’Hare.
Under Chancellor George Osborne’s surprise new scheme, those saving for their first home could get up to £3,000 towards the deposit from the Government.
Welcoming the news, Streets Ahead Director Gary O’Hare said: “This could reduce the length of time a first time buyer or buyers need to save – and any help for first time buyers is great news.
He added: “Anyone who has never owned a home before can open an account and join the scheme.”
Launching in the autumn, it means the Chancellor will contribute £50 for every £200 that a prospective first time homebuyer saves towards their deposit.
In essence, for the first £12,000 they save, tax free, the Government will add another £3,000.
It’s even better news for couples, as they can claim double the windfall and get up to £6,000 for their first home.
Although Ministers still need to finalise the details with the financial sector before the scheme launches later in the year, there’s no time limit on how quickly you have to save and no time limit on when you can use the government’s bonus.
You’ll be able to open a Help to Buy ISA with up to a £1,000 deposit. The ISA will only be available on homes worth up to £250,000, or £450,000 in London.
Streets Ahead are a multi-award winning South East London and Surrey estate agency, specialising in sales, lettings, new homes, commercial, corporate lets and property management.