Help To Buy ISAs

Those looking to buy their first home can now save money into a Help to Buy ISA to assist with saving towards their purchase.

The Government has committed to boosting ISA savings by 25% up to a maximum bonus of £3,000. The bonus cannot be used as part of the deposit but must form part of the completion funds. It cannot be reimbursed to clients retrospectively. To do otherwise would go against the Scheme Rules which can be found here: https://www.helptobuy.gov.uk/

Of course,  if you have a genuine simultaneous exchange and completion, you may apply for the bonus in anticipation of exchange. It takes approximately 7 days to turn claims around.

Conveyancers can charge a supplement fee of £50 for the additional work involved in drawing down ISA bonuses.

Til next time folks….

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s