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First time buyers savings plan

If you are a first time buyer a new savings scheme introduced in the Budget last week is well worth considering.

Nick named the Help to Buy ISA, the ISA will allow you to save up to £200 a month, and if you fulfil the various conditions set out below, the Government will boost your savings by 25% when you purchase your first home. This is how it will work:

• new accounts will be available for 4 years, but once you have opened an account there’s no limit on how you long you can save for
• accounts will be available through banks and building societies from Autumn 2015
• you can make an initial deposit of £1,000 when you open the account – in addition to normal monthly savings there is no minimum monthly deposit – but you can save up to £200 a month
• accounts are limited to one per person rather than one per home – so those buying together can both receive a bonus
• only available to individuals who are 16 and over
• the bonus is available to first time buyers purchasing UK properties
• minimum bonus size of £400 per person
• maximum bonus size of £3,000 per person
• the bonus will be available on home purchases of up to £450,000 in London and up to £250,000 outside London

The Government bonus will be paid when you buy your first home.