First-time home buyers in Salford are being urged to take out one of the government’s ‘Help to Buy’ ISAs before they expire on November 30.
Residents over 16 years old who have not yet already registered for an ISA account can take advantage of the UK-wide scheme to help people get onto the housing ladder.
The ‘Help to Buy’ ISA is designed to help first time house buyers get on the property ladder, with the government providing a 25 per cent financial bonus to any savings held in the account.
For example, in a ‘Help to Buy’ account with £2,000 saved by the account holder, the government will provide £500 towards buying their first property. Or at £10,000, the government will give £2,500.
This money can then be used towards buying a first property or paying for any necessary deposit.
Banks and financial experts are encouraging more and more people to get these ISAs as they are set to be stopped by the government on the 30th of November, 2019. Which means there is less than 3 weeks left to open up your ISA account.
One Salford resident told us that news of the upcoming deadline was the first he had of the ISA scheme: “I’m 34 and I hadn’t heard of the H2B ISA until recently, I opened one via my Barclays bank which was nice and easy.”
For residents of Salford, they can open an ISA account at most major banks and some building societies, like Barclays or Manchester Building Society. You can see from the map below where they are and are not offered in the central Salford area;
Image Credit-Jaspar Shepherdson https://view.genial.ly/5dcd22292a84e70f61177253/interactive-image-interactive-image
Alternatively, for certain banks and branches, an ISA can be opened on mobile and online apps.
It’s important to remember that separate banks have separate limits to how much can be saved with the ‘Help to Buy’ ISA. “I’m a bit disappointed that I can only save £200 a month, as I want to be buying a house much faster than that. But it was nice for my wife to have her own ISA and get rewards herself too.”
The government’s ‘Help to Buy’ ISA plan expires on the 30th of November, 2019.