Help First Time Buyer

claireohm

Hi I have just accepted Voluntary Redundancy and my severance pay i want to use as a House Deposit but I am guessing it isn't quiet enough so wondered if anyone had any advice on how best to use the money and make it work. I have looked at the Help to Buy ISA's and wondered if these would be of use as I would like to think I want to buy at the end of this year beginning of next.

Also can myself and my partner open ISA's and put in the same amount or does it need to be a joint effort??

Thanks in advance

nojcarter

Are you both first time buyers?

If yes then you can both get a HTB ISA and open them with a max of £1200 in each for the first month and pay £200 a month until the end of the year will mean you each have £2800 plus 25% government bonus come December.

claireohm

Yes first time buyers so means we can open one each ie £2,400 for the first month £400 there after?

nojcarter

Yes so by December if you start now you'll have saved £5600 between you and will be eligible for a bonus of £1400 so not a bad little boost to the kitty

FirstTimeBuyer2016_2

I opened my HTB ISA with Halifax in December 2015.

I did it all online which was very simple! Shame its only £200 a month you can put into the account as I’m looking to buy early 2017 so won’t have saved much in the ISA for the bonus.

claireohm

Yeah it helps with a small proportion of the money it's just the other 10k I need to sort out I just want to try and make the most of it I know there are no decent interest rates rates around X good luck I hope you get what you want in early 2017:j:j:j