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First time buyers to be helped out with a new government bonus scheme27th January 2016

A new government Scheme has been created to help out first time buyers saving to buy their own home.

The Help to Buy: ISA allows you to save up to £200 per month, whilst the government boosts your savings by 25%. This means that for every £200 you save you will be awarded a £50 government bonus. The minimum government bonus you can receive is £400, so you will need to have saved £1,200 yourself before claiming your bonus. The maximum that can be received from the government is £3,000.

The Help to Buy: ISA Scheme represents a great opportunity for anyone saving for their first home to boost their deposit. The good news is that the accounts are available to each first time buyer, not for each property to be purchased. So if you are saving to buy with another first time buyer you could potentially receive a total government bonus of £6,000.

If you are thinking of opening a Help to Buy: Isa you can find a list of the scheme providers here. You may have already started saving for your new home – if so you can boost your new Isa by depositing £1,200 in the month you open your account.

This scheme is only available to UK residents aged 16 or over, who do not own any other property. The government bonus can be used to purchase a house you intend to buy with a mortgage costing up to £250,000 (or £450,000 in London). Eamonn McEvoy & Co. Solicitors are authorised to administer the scheme and will apply for the government bonus on your behalf when we are acting in the purchase of your property.

If you would like any more information, or would like to discuss the purchase of your new home in general, please contact us on 028 3832 7734 or use the contact form below.