Help To Buy ISA

Daniel.Guest

Hi board,

My wife and I are currently living with her parents and saving for a deposit for a mortgage. As of now, between us, we have around £20,000 saved with the idea of starting the ball rolling in Feburary/March time. Would it be to our benefit to open a Help To Buy ISA? My main concern is that I have read elsewhere that if you open up any kind of bank or credit account too close to getting a mortgage that it can be detremental to your credit score?

Many thanks in advance for any advice supplied.

Daniel

Rich2808

It's a savings account not a credit card or current account so won't affect your credit rating.

If you open one each now with £1200 by March you could have paid in £1800 each. That would entitle you to £450 each - £900 in total - towards your house.

The minimum you need to have paid for a bonus is £1600.

So yes it's worth it even if you are buying in March.

You must both be first time buyers of course and have never owned an home or a share in one before.

Daniel.Guest

That's great. Thank you very much for your swift response Rich.