If you’re a first time buyer, you can take advantage of the Help to Buy ISA scheme.
Pay money into this special ISA and the government will boost your savings by 25%. So for every £200 you save, you’ll receive a top up of £50.
The maximum government bonus is £3000 per person. So if you are planning to buy with your partner or a friend you could receive up to double that, depending on how much you pay in. It’s well worth investigating if you are already saving for your first home, as it could add thousands of pounds to your deposit.
Starting a Help to Buy ISA couldn’t be easier with a number of banks and building societies having signed up. Every month save up to £200. In your first month, you can deposit a lump sum of up to £1,200 so that you can really kick-start your dreams of owning a new home.
The minimum government bonus is £400, meaning that you need to have saved at least £1,600 into your Help to Buy: ISA before you can claim your bonus.
When you had saved enough to buy your first home, then your solicitor or conveyancer will apply for your government bonus.
To find out if you are eligible https://www.helptobuy.gov.uk/help-to-buy-isa/who-is-eligible/