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As a first-time buyer, you probably have a stream of questions in your head – from applying for a mortgage, to putting an offer in - buying your first home is one great big learning curve. One of the most important things is having your deposit in place, and with the Help to Buy: ISA, you can have your savings boosted by 25% thanks to the government bonus. Got some questions on that too? We’re here to help and have answered 11 common questions on Help to Buy: ISAs.
A Help to Buy: ISA (individual savings account) is an account tailored to help you save money towards the deposit of your first home.
If you save into a Help to Buy: ISA, the Government will boost your savings up 25%. For example, if you save £1,000, the government will give you a bonus of £250. The maximum bonus you can receive is £3,000 (which you’d get if you saved £12,000 into your Help to Buy: ISA). The money is then used towards your deposit when purchasing your first home.
Anyone over the age of 16 can open an account. You’ll just need to be a first-time buyer. To open a Help to Buy: ISA with Progressive, you’ll need to be a resident in Northern Ireland.
A Help to Buy: ISA can be opened in any of the Progressive Building Society branches. Find out here what you’ll need to bring along with you. Accounts can be opened with as little as £1!
Tip – If you’ve already been saving for a while, why not open your Help to Buy: ISA with a larger amount (maximum opening balance is £1,200), so you’ll reach your target quicker.
The Help to Buy: ISA scheme is in place until 1st December 2030. However, if you’d like to open a Help to Buy: ISA, you’ll need to do so before the 30th November 2019, as they can’t be opened after that date.
Progressive Building Society thoroughly encourages first time buyers to open a Help to Buy: ISA. We understand that it can be difficult to get onto the property ladder, so the opportunity to have your savings boosted by 25% should not be missed.
Read how Lucy benefited from having a Help to Buy: ISA, she had her deposit topped up by £1,000 by the Government bonus, and got £750 cashback by taking her first time buyer mortgage with Progressive too!
No! A 25% bonus can seem too good to be true, however there are no catches with Help to Buy: ISAs. If you’ve saved between £1,600 and £12,000 and use the money for buying your first home, you’ll get the bonus. You can look at Progressive’s Help to Buy: ISA terms and conditions here.
Yes, the 25% Government bonus must be used towards the deposit for your first home.
For example, if you need £7,500 for your deposit, you only need to save £6,000 into your Help to Buy: ISA, and the 25% bonus will make up the rest.
Yes, money can be withdrawn from your Progressive Building Society Help to Buy: ISA. You can withdraw up to £500 in cash in a branch, £250 in cash in an agency, and larger amounts can be withdrawn by cheque.
However, you will not be able to claim any Help to Buy: ISA Bonus on money you have withdrawn from your Help to Buy: ISA.
Your Help to Buy: ISA bonus will be claimed on your behalf by a solicitor or conveyancer before the completion date when purchasing your house. The bonus will be sent to your solicitor or conveyancer and will be included with the other money you may be using for your deposit, such as savings.
If you have a Help to Buy: ISA with Progressive, you’ll need to have saved at least £1,600 into your account before you are eligible to claim your bonus.
We hope this helped answer your Help to Buy: ISA questions, but if you need any more information, check out the useful links below, drop us an email, or pop into one of our 12 branches throughout Northern Ireland.
Help to Buy: ISAs are closed to new customers. If you have one with another provider, you can transfer it to Progressive (and be eligible to get £750 cashback if you take your first time buyer mortgage with us too!)
If you have a Help To Buy: ISA with another provider, you can transfer it to Progressive, and be eligible for £750 cashback if you take your first mortgage with us too!More on Help to Buy: ISAs
We’d love to talk you through the mortgage process and help you find a suitable product. For more information or to apply for an account, you can call us, email us, pop into one of our 11 branches. We look forward to hearing from you.