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Help To Buy ISAs explained

Posted on Monday, February 8, 2016

The governments new Help to Buy ISA scheme is certianly something to consider when saving for your first home.

You can save up to £200 a month in the account to qualify for a very respectable 25% bonus payment when you buy. Do note that there is a cap of £12000 that can be saved in one ISA.

If you save the £1200 maximinm you would net a £3000 bonus towards your deposit and it would take 4 years to save this amount (if using your full £200 a month allowance). As long as you save at least £1600 you will receive a 25% tax free bonus.

These accounts are good for those who have already started saving as you can make an initial payment of £1200 in your first month. Full details about this scheme can be found on the Money Advise Service Website.