As of December 2015, the Government, along with Banks, are launching a new ISA aimed specifically at first time home buyers. To be eligible, you must be over 16 and have never had any financial interest in any previous property. So, you can save up to £200 a month with the Government adding 25% interest to it. The way it works is that an individual can save up to maximum of £12000. When you are ready to buy your first home, you cash in your ISA, say £12000, the Bank will give you a letter confirming this to pass on to your Solicitor. He/She in turn will apply to the Government for the extra 25%, in this example £3000. So you will end up with £15000 as a deposit for a house, and the good thing is that if you are buying a property with someone else, they too can follow the same scheme. In essence, you could end up with you and your partner saving £24000 with the Government adding £6000 to it. The scheme is likely to be open until 2030, however, future Governments may amend or even cancel this scheme. Take full advantage now!
David Carney MAAT MIP
Accountants of Worcester, Unit 98a Polysec House, Blackpole Trading Estate West, Worcester, WR3 8T J. Tel 01905 570780
www.accountantsofworcester.co.uk
David Carney MAAT MIP
Accountants of Worcester, Unit 98a Polysec House, Blackpole Trading Estate West, Worcester, WR3 8T J. Tel 01905 570780
www.accountantsofworcester.co.uk
RSS Feed
