Help to Buy NISAs – if you are a first time buyer, you can save up to £200 a month towards your first home with a Help to Buy NISA and the government will boost your savings by 25%. That’s a £50 bonus for every £200 you save. You can receive a bonus of up to £3,000.
- Once you have opened an account there is no limit on how you long you can save for.
- Accounts are available through banks and building societies with effect from autumn 2015.
- You can make an initial deposit of £1,000 when you open the account in addition to normal monthly savings.
- There is no minimum monthly deposit – but you can save up to £200 a month.
- Accounts are limited to one per person rather than one per home – so those buying together can both receive a bonus.
- Only available to individuals who are 16 and over.
- The bonus is available to first time buyers purchasing UK properties.
- Minimum bonus size of £400 per person.
- Maximum bonus size of £3,000 per person.
- The bonus will be available on home purchases of up to £450,000 in London and up to £250,000 outside London.
- The bonus will be paid when you buy your first home.
- Help to Buy NISAs currently available are offering competitive interest rates as high as 4%.
