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For those who have been looking to get on the property ladder in recent years, the Help to Buy ISA scheme has been a true support. Essentially, the scheme means that the government tops up your savings for a home by 25% – which could really aid those who are struggling to get on the housing ladder. However, the rules around the Help to Buy ISA are changing – and you may need to act fast in order to benefit. Here’s what you need to know.
Currently, the Help to Buy scheme adds 25% on top of any savings you make towards a home, provided they are in a dedicated Help to Buy ISA account. The most the government will give you is £3,000, and you’d need £12,000 worth of savings in order to acquire that. However, once 30 November has passed, you won’t be able to access this cash any longer. This is because the government is closing new applications to the scheme from then onwards.
It’s important to remember that this scheme is different from the Help to Buy equity loan scheme. That scheme offers generous deposit loans on new build homes, and the two are separate: you don’t have to take out one in order to benefit from the other.
If you’re worried about losing access to this scheme, don’t be. You can still take one out in between now and November – and even if you just put a token amount in, you’ll at least have the option to save in the future. Remember: you can benefit from the scheme up until 2029, so there’s plenty of time to build up a savings plan and get started. All that matters now is that you sign up to have access.
Perhaps you’re a first-time buyer looking to liquidate an inherited probate property as quickly as possible in order to get your deposit. Or maybe you’re further along in the process and need a speedy turnaround on your current home. Spring can help, just get in touch to find out.
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