The government launched the Help to Buy ISA in early 2016 to run along side their other house purchase schemes. The Help to Buy ISA is solely aimed at first time buyers and assists those who are looking to increase their deposit over a period of months.
The ISA scheme involves the applicant opening a savings account with one of the approved providers of the scheme. Each applicant can save up to £200 per month towards their first house and make an initial deposit into the account of £1,200. Once the applicant wishes to purchase they inform their Solicitor and then the governments 25% bonus is added.
The governments dedicated website has a wealth of information for interested applicants as well as the scheme rules for both the applicant and Conveyancer.
At Fairstep Solicitors our Conveyancing Department have a wealth of experience dealing with all Help to Buy Schemes, including the equity loan scheme & Help to Buy ISA.
We act for a variety of clients in Ipswich, Felixstowe & Woodbridge.
If you have any questions feel free to call our office to discuss further.