First time buyers savings plan

 If you are a first time buyer a new savings scheme introduced in the Budget last week is well worth considering.

 Nick named the Help to Buy ISA, the ISA will allow you to save up to £200 a month, and if you fulfil the various conditions set out below, the Government will boost your savings by 25% when you purchase your first home. This is how it will work:

  

  • new accounts will be available for 4 years, but once you have opened an account there’s no limit on how you long you can save for
  • accounts will be available through banks and building societies from Autumn 2015
  • you can make an initial deposit of £1,000 when you open the account – in addition to normal monthly savings there is no minimum monthly deposit – but you can save up to £200 a month
  • accounts are limited to one per person rather than one per home – so those buying together can both receive a bonus
  • only available to individuals who are 16 and over
  • the bonus is available to first time buyers purchasing UK properties
  • minimum bonus size of £400 per person
  • maximum bonus size of £3,000 per person
  • the bonus will be available on home purchases of up to £450,000 in London and up to £250,000 outside London

 

The Government bonus will be paid when you buy your first home.

Original post by Latest Taxation News and many thanks to them and their entry and picture of their BMX Bike