First Time Buyer Savings Scheme

Andey34

My son is looking to purchase a house with his partner in a few years and wants to know what the BEST First Time Buyer Scheme on the market at present...heard of a Nationwide Mortgage ISA where Government contributes 25% but is this the best please?...Is it only for a single person or can both contribute and get double the benefit?

csgohan4

Have a look at the mortgages section of this website


here is a quick link:


http://www.moneysavingexpert.com/savings/help-to-buy-ISA

ANDR£W

Hi Andey me & my partner are currently doing the same thing.We have a gov help to buy ISA and also a Lifetime ISA with Skipton building society.The help to buy ISA gives us £50 per month for each 200 we pay in monthly ( which is the max after initial max deposit) & the Lifetime ISA we have paid in 4000 which the government will top upto 5000 after 12 months.Hope this helps.

Thematrix123

It's a goo scheme but what they don't tell you is that the 25% bonus does not get paid until a few weeks after the mortgage completion date...

We have recently fallen victim to this, once you close your ISA down the money is transferred into an account of your choice, the 25% then comes after the house purchase. So effectively you are 25% short... and have to cover that upon exchanging contracts. It's all a bit stupid if you ask me... if I had 25% lying around I wouldn't need to use the scheme!!

SuboJvR

Also slightly strangely, the Help to Buy ISA only covers properties up to £250,000 in value outside London whilst the Help to Buy Equity Loan scheme covers up to £400,000. So if buying a property worth more than £250,000 you don't get the bonus.