Please note: This site covers the period that I was a Member of Parliament from May 2010 to June 2017.
Richard Fuller is encouraging first time buyers to take advantage of this tax year’s ISA allowance by starting a Help to Buy ISA – a new Government-backed savings account designed to help people saving for a deposit on their first home.
First time buyers can now open a Help to Buy ISA, which the Government will top up by 25 per cent up to a maximum of £3,000. For example, by saving £200 a month, the Government will add £50 up to a maximum of £3,000, boosting ISA savings of £12,000 to £15,000.
As with a traditional cash ISA, first time buyers will also earn interest on their savings, which will be free of both income and capital gains tax. The accounts are available to each first time buyer, not each household, which means a couple buying a property together could receive a government bonus of up to £6,000 towards their first home.
Richard said: “First time buyers trying to save for a deposit, deserve support. The Government-backed Help to Buy ISA demonstrates its continuing support for first time buyers in Bedford and Kempston.”
For more information visit: http://www.helptobuy.gov.uk/help-to-buy-isa.