It can be a real challenge to get onto the property ladder, but there is help on hand with a Help to Buy ISA.

This is a high-interest savings account available for people buying their first property and is available at most high street banks and building societies.

You can earn up to 2.53% interest tax-free and then the Government will add 25% free cash on top of what you save providing you and the property you purchase meet the qualifying criteria.

You will need to make an initial deposit of £1,000. After that you can deposit a maximum of £200 a month.

The ISA can be used for a property with a full market value of up to £250,000 or up to £450,000 in London.

However, the Government has set a closing date for new applications of November 30, 2019, so please do not delay in taking advantage of this scheme.

Provided you open your Help to Buy ISA before then you can keep saving until 2029.

Zoë Baxter who heads the Residential property team at Phillips Solicitor is experienced in advising Help to Buy clients, completing first-time property and shared ownership transactions.

To find out more call Zoë on 01256 854623 or email [email protected]

Disclaimer

This article is current at the date of publication set out above and is for reference purposes only. It does not constitute legal advice and should not be relied on as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action.