If you were keen to make plans to move from rented accommodation into your first home through the Help To Buy scheme, there’s no rush to call on the best removals Chislehurst has to offer, as the scheme has already been extended for four more years – now ending in 2020, instead of 2016.
However, in his emergency summer budget, Chancellor George Osbourne also gave a firm date for the launch of Help To Buy ISAs, now set to become available in December 2015. These ISAs will offer those who aspire to own their own home a £50 bonus from the government for every £200 saved in the account, up to a maximum of £3,000 on £12,000.
This equates to a 25 per cent boost to your savings, almost equivalent to making the savings with your pre-tax salary. And while, the ISAs aren’t due to come into effect until December, savers can kick start their saving with an initial sum of £1,000 now.
In his speech, George Osbourne re-iterated the government’s commitment to seeing more people get on the property ladder. “This is a government that is unwavering in its support for home ownership,” he said. Other measures to encourage home ownership came in the form of levelling the playing field between buy-to-let landlords and the rest of the market and continuing to offer council house residents the right to buy their properties.
However, one thing to consider if you’re interested in Help To Buy ISAs is that you can’t pay into a cash ISA in the same tax year, so if you’ve contributed to one, or opened one, since April 2015, you’ll have to wait until April 2016 to take up this offer.