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Check out Help to Buy ISA’s

Created on 24/05/2016 @ 09:07
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Our Legal Correspondent Oliver Joseph of Hanratty & Co is encouraging would-be home owners to look closely at “Help-to-Buy ISA’s”.

“The Government has now introduced Help to Buy ISA’s for first-time buyers,” he said. “Where a first-time buyer is saving to buy their first home, either individually or as a couple, provided the money is saved into a Help to Buy ISA the government will, on the closure of the account, pay a 25% bonus of the value up to a maximum bonus of £3,000.

“If, for example, an ISA has £4,000 saved into it at the time of completion, then the Government will then pay the saver a bonus of £1,000 upon completion.

“The process is relatively straightforward for the buyer who simply needs to provide their solicitor with the account ‘Closing Statement’ from the bank or building society at least one week prior to completion, and sign a First Time Buyer’s Declaration,” he added.

“A couple who are saving for their first home could therefore receive up to £6,000 together from the Government to assist and solicitor’s fees for dealing with the administrative aspect and application are limited by the Government to £50 plus VAT per account.” 

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