Schemes for first time buyers

abbiejade3

Hi

Please does anybody know what current schemes or support is available for first time buyers? 

I also have a small deposit saving in a regular savings account at the moment and don't know where is best to put it, lifetime ISA, fixed rate account, I'd really like my deposit to go into one account in one go and not the 200pm you are restricted to with a help to buy isa 

Any advice would be much appreciated thank you

Gavin83

If you haven't got a Lifetime ISA already (and why not!) then you should be taking one of those out. It's essentially 25% interest and you won't get a savings account anywhere near that. The limitations are it's a max deposit of £4k a year, you can't buy within a year of opening it, you can't open it if you're over 40 and you're limited to £450k purchase price. If any of those are a problem you need to consider your options.

In my opinion the LISA is by far the best product currently on the market for first time buyers.

abbiejade3

Gavin83 said:

If you haven't got a Lifetime ISA already (and why not!) then you should be taking one of those out. It's essentially 25% interest and you won't get a savings account anywhere near that. The limitations are it's a max deposit of £4k a year, you can't buy within a year of opening it, you can't open it if you're over 40 and you're limited to £450k purchase price. If any of those are a problem you need to consider your options.

In my opinion the LISA is by far the best product currently on the market for first time buyers.

Thanks so much I've been confused with the different accounts and pros and cons of each, the unable to buy for a year slightly puts me off but I've probably been putting it off for a year already! But I've opened one just now, it will give me more time to save up for everything else that comes with buying a house on your own 😆