This is the last month that Help-to-Buy ISAs can be opened before they end on November 30th, with no new applicants accepted onto the scheme past this period. If you have any aspirations of getting onto the property ladder, now is the time to open your account - you only need to deposit £1!
The Help-to-Buy ISA was launched at the end of 2015 and the accounts are available from both banks and building societies. The account has proved to be extremely popular as you can receive up to £3,000 from the government based on the amount of money you have put aside in the ISA.
Essentially, for every £200 saved in the account you can receive £50 with just a few strings attached:
• This is an account solely for those who have never bought a property before
• £200 is the maximum amount which can be saved in a single month
• The maximum government bonus is £3,000 (meaning that you need to have saved £12,000 to receive this)
• You may use the ISA to buy a home up to the value of £250,000 outside London, or £450,000 in London
• If you have any other ISAs open, you must transfer the value over
• You can keep saving in the Help-to-Buy Isa up until November 2029
If you miss the deadline at the end of this month, there is still the Lifetime ISA (LISA) which is similarly aimed at first-time buyers, but also for retirees. The LISA has a comparable 25% bonus from the government based on your own contributions into the account, and once you then 60 you can access the money that you have saved completely tax free.