Thread by @ikeeyah_

HELP TO BUY ISA EXPLAINED 🏡

(Why you should get one even if you’re not ready to buy your first house yet)

THREAD BELOW 👇🏾

You may have seen a lot of tweets and adverts encouraging people to open a Help To Buy ISA before November 30th but you may not understand why or even ignored it thinking it doesn’t apply to you

If you’re reading then this ABSOLUTELY applies to you so keep reading!

What’s the difference between an ISA and Help To Buy ISA?

ISA - form of savings account where you incur little to no tax on the interest your savings accrue

HELP TO BUY ISA - designed for first time house buyers with a government financial top up

(Usually long term saving)

You can use a regular ISA to save to buy a house but the benefit of the Help To Buy ISA is that it’s government backed

The government will top up an extra 25% on your savings up to the value of £3000 to aid your savings towards your first time property purchase

Once you open your Help To Buy ISA account, you can deposit up to £1,200 in your first month then up to £200 for all of the months proceeding

You can access and withdraw your money at any time but remember, it could affect your government backed bonus 💸

The £200 monthly limit applies even with money withdrawals

EXPLANATION:
If you deposit £150 this month then choose to withdraw £100

£150 - £100 = £50

You can only deposit £50 for that month as that will bring you to your limit

£150 + £50 = £200 MONTHLY LIMIT

The 25% government bonus is added on up to the savings value of £12,000

The bonus IS NOT automatically added to your ISA, you’ll have to either get a solicitor or your real estate agents to guide you through the process of claiming

DO NOT use that as a reason to not claim!

Now I bet you’re wondering which banks will offer you the best interest rates on your ISA savings right?

BARCLAYS - 2.58% interest
NATIONWIDE - 2.5% interest

NOTE - you DO NOT have to already be a customer with the bank in order to open an ISA with them

Mortgages and house buying may not be on your radar, you may just be thinking about covering your bills each month but it’s important to start planning for your future!

Help To Buy ISAs are a no brainer way to help get yourself on the property ladder!

ELIGIBILITY REQUIREMENTS:

•Over 16
•Must be a first time buyer
•Must NOT own property either domestically or overseas

I’m by no means an expert but I’m a young woman trying to help my fellow peers build a successful future! 🥂

Drop any other gems you have and feel free to message me if you need any help!

REMEMBER TO APPLY BY NOVEMBER 30TH 🏡

MUST CLAIM BONUS BY DECEMBER 2030 💸