If you are first-time property buyer you can open Help to Buy ISA, it will give 25% bonus on amounts £1600 and £12000.
C lare Francis, Savings and Investments Director at Barclays, said:
“Getting on the property ladder is becoming harder than ever, with people struggling to find the deposits required and increasingly being priced out of the market. Although it is a challenge, setting savings goals and making the most of innovative products designed to help first time buyers can make a real difference in moving away from the cycle of ‘generation rent’. Help to Buy ISAs are a good way of achieving this, offering a strong return on investment thanks to the 25% government bonus. If you haven’t used your full ISA allowance this tax year, consider opening a Help to Buy ISA before April 5th to give you more time to build your nest egg.”
Tips from Clare Francis to help first time buyers:
- First time buyers can open a Help to Buy ISA, which gives a 25% government bonus on amounts saved between £1,600 and £12,000. If you are looking to buy with someone else, although Help to Buy ISAs are only available to individuals, if the property you wish to purchase is within the price caps and you are both first time buyers you can separately claim the government bonuses due on your savings and put both bonuses towards the home you’re buying. Barclays’ Help to Buy ISA currently has a market-leading rate, paying 2.27
- Make a savings plan and stick to it, this will enable you to see how much you need to save and how long for and then you can prioritise your finances accordingly. Small savings such as foregoing your morning coffee or weekly meal out can all add up over the course of the year and can make a big difference in achieving your goal of getting on the property ladder. Tools like Barclays Finance Manager can help with setting savings goals
- Barclays Mortgages recently launched the Barclays Homebuyer Cashback Mortgage, designed to help first time buyers or homemovers recover the cost of stamp duty on their new property purchases.
2.69 per cent 5 Year Fixed 80 per cent LTV, £0 fee (min £150k loan + £2,500 cashback) Max Loan £500k
2.69 per cent 5 Year Fixed 80 per cent LTV, £0 fee (min £100k loan + £1,250 cashback) Max loan £150k