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The clock is ticking for Help to Buy ISAs

From 30th November 2019, Help to Buy ISAs will be closed to new customers. First time buyers can still open an account between now and the deadline, if they don’t already have one.

Help to Buy ISAs were introduced in 2015 to help first time buyers take a step on the property ladder. As well as earning interest on savings from the ISA provider, savers are also eligible for a 25% bonus from the government (up to a maximum of £3,000). The account allows first time buyers to save up to £1,200 in the first month and £200 thereafter, up to a maximum of £12,000.

If you’re already saving a deposit for your first home in an existing Help to Buy ISA, don’t worry. You’ll be able to continue saving until 30th November 2029, with a deadline of 1st December 2030 to claim your 25% boost.

First Time Buyers still have the option to open a Lifetime ISA after November 2019.

For expert advice on buying your first home, please call our team on 0113 264 4414 or email conveyancing@emsleys.co.uk.

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