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The Help to Buy ISA deadline is looming
Posted on: 2nd Oct 2019 by: CamOuse Financial Management Limited
After 30th November 2019, potential first-time buyers will no longer be able to apply for a new Help to Buy ISA.
Savers who already have an account will be able to keep saving into it until 30th November 2029, regardless of when the ISA was opened, but accounts will close to additional contributions after that date.
What is the Help to Buy ISA?
The Help to Buy ISA was introduced to help first-time buyers over the age of 16. Individuals receive a bonus of 25% of their savings when it comes to purchasing a property, up to a value of £3,000. They can put £1,200 into the ISA in the first month, while subsequent payments are limited to £200 a month. The final criteria is that the property purchase cannot exceed £250,000 (£450,000 for London) if the buyer wants to receive the 25% boost.
How does the Lifetime ISA differ?
The Help to Buy ISA is not the only option available. The Lifetime ISA is designed to help people aged between 18 and 40 to save towards their first home or for later life. The Government will again give a bonus worth 25% of what is paid in, up to a maximum of £4,000 per year. Savers can then receive a maximum of £1,000 per year as a government bonus. This can be used to buy a home worth up to £450,000 anywhere in the country.
Both ISAs can be helpful when it comes to saving for a first-time property purchase, although there are some marked differences between the two.
The Lifetime ISA rules mean that savers have to wait at least a year before they can use it to buy a home. With the Help to Buy ISA, individuals have to have saved £1,600 before they can claim the minimum government bonus of £400 but this can be done over a period of three months: £1,200 in the first month followed by two subsequent deposits of £200 in the next two months.
It is possible to spread deposits across multiple ISAs. However, the maximum that can currently be saved in ISAs is £20,000 for the 2019-2020 tax year.
Helping your children get their first house
Given the struggles the younger generation face to get on the property ladder today, you may be wondering the best way to give financial support. If you’re considering giving your child enough money for a deposit, there are no immediate tax implications. You can give as much money as you like to your children tax free, but if you were to pass away within seven years of the gift, they could be faced with an inheritance tax bill if your estate was worth more than £325,000. You can gift up to £3,000 a year without paying inheritance tax.
If your children or grandchildren are interested in taking out a Help to Buy ISA, encourage them to do so as soon as possible before time runs out. If you would like to know more about the options around gifting money to your children to help with a deposit on a house, don’t hesitate to get in touch.
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Clive Nickalls
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I have been a client of CamOuse's for many years. My advisors have provided assistance with mortgages, financial planning, investments and most importantly my future. The team remain passionate and professional and I would recommend CamOuse without question.
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Trevor Honey & Clive Nickalls
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Lee has always given me excellent advice when choosing a new mortgage. I would highly recommend him.
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Lee Pooley
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Trevor Honey
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I would like to thank Lee for all his help, he was amazing!
Silk & Schwarz
Lee Pooley
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Lee was recommended to us by 2 of his existing clients, colleagues and friends of ours and I'm glad they did so! He made the whole process much simpler then we were expecting.
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Lee Pooley
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Lee Pooley
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I really appreciate the prompt, friendly, efficient service.
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Clive Nickalls
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Very pleased with the service provided and happy to recommend to my customers and friends and family.
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Clive Nickalls
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I would like to express my thanks for the excellent service I have received and a special thank you to Hannah for keeping me updated and dealing with my queries in a very efficient and professional manner.
T Long
Matthew Theobald
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Thank you (and Eve) so much for all your help and support towards our remortgage. We really appreciated your expertise.
Cant & Robbins
Lee Pooley
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I would just like to thank you all on behalf of myself and Jordan. You, Eve and Max have been faultless and we couldn’t be more appreciative for all your help!
C Baldwin
Lee Pooley
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Lee has provided me with mortgages and appropriate insurance for both my home and lease properties. He is professional and works to get policies in place in an extremely quick time frame. I would certainly recommend Lee and CamOuse to anyone and I personally will continue to use their service.
G Habbin
Lee Pooley
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I have been a client of CamOuse Financial Management Ltd for many years and have always found their services to be of the highest quality.
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Jo Kurz
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Amazing company, very friendly, professional, and always on hand to give sound advice. My family has been utilising their expertise for many years and have never been let down.
S Bradley
Jo Kurz
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Sound financial advice and planning. Responsive and friendly service.
B O'Connor
Jo Kurz
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The whole team at CamOuse are friendly, professional and always look after your best interests. Thanks for your help!
G Hall
Lee Pooley
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We've only been with CamOuse just over a year but would highly recommend them. We deal with Matthew who is an excellent adviser, always very responsive to questions and goes the extra mile to help.
P Carter
Matthew Theobald
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I was so pleased and relieved to find this company. Particularly pleasing is their communication - it's jargon-free, concise and clear. We've been very happy with advice given thus far, and also their responsiveness whenever we've had any queries.
A Cant
Jo Kurz
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We used Lee at Camouse to arrange our mortgage and can highly recommend him to provide an honest and professional service in this area. We will certainly return to Lee for remortgage advice in the future.
A Attewell
Lee Pooley
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Would like to extend our thanks to you and your team for a fantastic customer service as always.
E & R Mendoza
Lee Pooley
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We paid a small fee to Camouse for whole of market mortgage broker services. As first time buyers, Lee and Eve were able to guide us through the process, find us a deal and sort out the applications in a really helpful friendly and efficient way. We were very satisfied and would recommend CamOuse to others for this service.
L Humphrey
Lee Pooley
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I was extremely pleased with the quality of the service I received when arranging a mortgage as part of a house sale and purchase through CamOuse. Lee and Eve were very easy to contact and always quick to respond. I would definitely recommend their mortgage arrangement services.
G Dewdney
Lee Pooley
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Jo has been extremely helpful and very patient and I will be recommending her highly to other family and friends of mine. I do sincerely appreciate the way Jo handled my issues and also the excellent and very professional way she conducted business. She is an absolute asset to CamOuse.
C Tate
Jo Kurz
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CamOuse have been our go-to financial advisers since 2008 and have assisted with numerous mortgages, remortgages, insurances, and general financial advice. Lee Pooley and Eve Nowakowska have been invaluable during this time. We've built up an excellent relationship with both and trust them completely to do what's in our best interests. Both are an absolute pleasure to work with and I cannot recommend them, and by extension CamOuse, enough!
I Murphy
Lee Pooley
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We used the services of CamOuse to help in buying our first home and setting up our mortgage and we were extremely happy with all the advice and help we got. We spoke to Lee mostly, who was really great! Very insightful, very friendly and helpful, very patient and all-round great service. Would happily seek their help again. Many thanks Lee!
C Bolas
Lee Pooley
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We have been taking mortgage advice from CamOuse for over 20 years and are always impressed by their friendliness and professionalism.
N Amery
Lee Pooley
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Thank you to Matthew and Julie for making a huge difference in my life when I thought I was so stuck and felt there was never going to be a way to move forward.
L Smith
Matthew Theobald
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Qualifying Earnings lower threshold |
£5,772 |
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£41,865 |
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Automatic Enrolment earnings trigger |
£10,000 |
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8% of Qualifying Earnings of which |
3% is employer's (starting at 1%) |
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9% of Basic Salary of which |
4% is employer's (starting at 2%) |
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8% of Basic Salary of which |
3% is employer's (starting at 1%) |
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(Where basic salary is at least 85% of total earnings) |
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7% of gross earnings of which |
3% is employer's (starting at 1%) |
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