The Help To Buy ISA will be introduced this Autumn to help first time buyers to get on the property ladder by introducing tax free savings and a free tax-free Government bonus.
The new ISA will be available from banks and building societies from Autumn 2015 for a temporary period of 4 years. Savers will be able to open accounts with an initial deposit of up to £1,000 and thereafter will be able to save up to £200 a month towards their first home in a tax free environment.
First time buyers who choose to save through a Help To Buy ISA will also receive a tax-free Government bonus which will represent 25% of the amount saved. So therefore, for every £200 saved, the Government will contribute £50. The Government contribution will be capped at an overall maximum of £3,000 (i.e on £12,000 of savings).
The Government bonus will only be paid at the point a first home is purchased, can only be put towards first homes costing up to £250,000 and must be purchased as the first time buyers main residence.
The Help to Buy ISA will be available to anyone over the age of 16.
If you are a doctor in Bristol and have children at the age where they are thinking of buying their first home - then please get in touch for an initial discussion on how we can help on firstname.lastname@example.org or telephone 0117 966 5699. We also help with Junior ISAs and other savings schemes for School and/or University fees.