The Help To Buy ISA: 3 Reasons You Should Apply

Why you should apply for the Help To Buy ISA before 30th November 2019

After watching the Martin Lewis Money Show this evening, and learning about the Help To Buy ISA (HTB ISA), I was surprised to learn of the benefits of opening the account. It led me to research more into it, open my own HTB ISA and finally write a post summarising three top benefits of opening an HTB ISA before the deadline this Saturday 30th November 2019…

Invest

What are Help To Buy ISAs?

A Help To Buy ISA (not to be confused with the Help To Buy Scheme), is an account designed to help first-time buyers save to purchase properties up to £250,000, with government help. You must be 16+- to apply. The HTB ISA has been active for the past four years and will be brought to an end to be replaced by the Lifetime ISA this Saturday (30th November 2019).

What Is The Difference between the HTB ISA and LISA?

The Lifetime ISA (LISA), which will be replacing the HTB ISA, is eligible for 18-39-year-olds. There is a 25% charge for withdrawing from LISA’s. LISA’s are good if you definitely want to buy a house, whereas HTB ISA’s have more flexibility if you’re not 100% sure you would buy a property, but want to bank into the account, just in case.

ATM Withdrawal

Government Bonus

The government gives you a 25% bonus of your savings prior to purchasing your first property. Note that the minimum you must save is £1600, to receive the minimum bonus of £400 from the government. Plus the interest you get from your bank.

Small Deposit

Small deposit piggy bank

It’s only £1 to open the account. Here is a list of banks with their interest rates to open HTB ISA’s. ISAs are a tax-efficient way of saving.

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No Withdrawal Fee

bank bonus

If you open an HTB ISA and decide you don’t want to buy a property, you can still withdraw the money and close the account with no charge. So, you can’t lose really!

I hope this post has given you more insight into what Help To Buy ISA’s are. If you do decide to open one, please comment below and share which bank you opened it with.

For more information about HTB ISAs, please visit this link.

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