Save for your new home with the Help to Buy: ISA from The Nottingham
If you’re hoping to buy your very own home for the first time, we’re able to look after your cash – and pay you interest on your nest egg – while it builds up.
The Nottingham’s own Help to Buy: ISA
is a shiny new savings plan boosted in the final stages of your property purchase with an extra 25 per cent bonus on top of what you’ve managed to save in the account*, with a maximum bonus of £3,000.
Senior Savings Manager at The Nottingham, Jon Cartlidge, said: “The big incentive you get with this ISA is that you could qualify for a bonus payment of up to £3,000. This means that if you save £12,000, the government bonus will increase your total savings pot to £15,000.
“Having a larger deposit to put towards your house purchase could help your financial position and potentially reduce the size of your mortgage at the outset.
“Another thing to bear in mind, if you’re buying with another eligible first time buyer, you could both save in to your own Help to Buy: ISA accounts and each qualify for the government bonus.”
Chloe Bull, from Arnold in Nottingham, is living at home with her parents and has opened up a Help to Buy: ISA well in advance of house-hunting.
She said: "At some point I'm going to want to buy a house so I decided to start to save. I also wanted to get started before the government stopped this ISA. It's better than other savings accounts because I won't be tempted to dip into it or I'll lose some of the bonus.
"I'd like to save as much as I can within three years and then start looking for a house. I'll be 23 then so that's a good age to buy. And if I see something before then I know the money's there."
- The Help to Buy: ISA is for first-time buyers looking for a property anywhere in the UK with a purchase price of up to £250,000 – or £450,000 if it is in London.
- When you finally come to buy the house, that’s when your chosen eligible conveyancer will apply for the 25 per cent contribution from the government.
- If you save £1,600 yourself (the minimum allowed on this scheme to claim a bonus), the government will add an extra £400 to make a total of £2,000.
- If you’re able to save the maximum £12,000, the government pays £3,000, making it up to £15,000.
- You’re allowed to put in up to £1,200 as your opening payment, followed by monthly deposits of up to £200, a savings cap set by the government.
All of this makes it a sure and steady way to save, and once you’ve saved your money, we can even help you find the house of your dreams and, if you wish, sort out your mortgage from a choice of first time buyer mortgages when you’re ready to move.
In fact, our impartial mortgage advisers offer a unique service to access hundreds of different products from different lenders – and will hand-pick one to give you the best deal for your own situation.
Call your local branch of The Nottingham and speak to one of our advisers to find out how you could benefit.
The Help to Buy: ISA scheme is subject to the Scheme Rules. For all the details – and to make sure it’s the right account for you – click through for our Help to Buy: ISA rates and key product information.
Please refer to the Help to Buy: ISA fact sheet.