If you are saving money to buy new home, you can save more deposit than you think. .
Help to buy is a government undertaking scheme that helps hard working people to save more on their money. Don’t miss the opportunity to save more on your deposit. Help to Buy is a government organised scheme that can help you to buy your first home, or if you are moving up the ladder.
Help to Buy: ISA
If you are a first-time buyer, you can save up to £200 pounds a month with Help to Buy: ISA. That means you are getting £50 on every £200 you saved up to a maximum bonus of £3000. If you are in London, you can avail the bonus for home up to £450,5000 and if you are outside London then the bonus is available up to £250,000.
The whole process is very simple: Open Account, Save Money, Get Bonus.
Open the Help to Buy: ISA from a range of banks, credit unions and building societies. This is available for each first-time buyer and not a single household. It means if you are buying along with your partner then you could receive bonus up to £6,000 for your first home.
Deposit a lump sum amount of £1200 and you can start getting bonus up to £200 a month with Help to Buy: ISA. You need to save at least £1600 to claim your £400 bonus. You can get maximum £3,000 bonus for that you need to have saved £12,000.
You can ask your solicitor conveyancer to claim your bonus when you are close to buy your first home. When bonus is received, it will be combined with final transaction towards completion of property owning. This bonus cannot be used to pay solicitor’s or conveyancer’s fee.
Help to buy equity loans (2021-2023)
If you are buying first-time in England, with Help to Buy Equity loans you can borrow a minimum of 5% and up to a maximum of 20% (40% in London) of the full price of new-built home.
You need to buy your home from a registered homebuilder for Help to Buy: Equity Loan.
The percentage you are going to borrow depends on the market value of your home you are buying.
You don’t need to pay interest for first five years. You will start paying from sixth year on the amount you borrowed.
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