Whether you’ve already bought a house, or just aren’t interested in owning a property, you may think that you can’t benefit from a Help to Buy ISA. However that doesn’t mean that the ones you love won’t be able to take advantage of the idea! As many parents and grandparents will confirm, having a younger person in our lives often means a few added expenses. From occasional gifts, to helping out financially when they need it, many younger people nowadays are fortune enough to be able to ask their families for help.
It is the sad truth that we won’t be around forever, however, and we know you’ll want your loved ones to be financially secure. But how can we protect them after we’re gone?
Many choose to leave a financial sum or property in the form of a will or life insurance to ensure their families are covered. Of course, this isn’t always possible. What with ever-growing concerns about money, you hay have already chosen to downsize for your retirement. However, there are other ways you can help your loved ones. Another excellent way of securing some financial stability if they haven’t yet bought their first home is to encourage them to set up a Help to Buy ISA.
What is the Help to Buy ISA?
We all remember saving for our first house. The scrimping and saving required, and the sacrifices that had to be made. Nowadays, house prices have shot up and our younger relatives often have to pay out more for a small property.
The Help to Buy ISA is a great scheme designed to help first-time buyers save the money required to buy their first home. The idea is that they’ll save up a decent deposit made up of their own savings, plus a 25% grant up to a maximum of £3,000 added on by the government.
Who can get this ISA?
Any first-time buyers over the age of 16 can benefit from the Help to Buy Scheme. That means it could benefit your grandchildren, or even your slightly older children if they haven’t yet bought their first house.
Of course, there are some restrictions on what house you can buy – the maximum purchase price must be no more than £600,000 so they won’t be buying that 12 bedroom mansion just yet!
Be quick – time is running out!
If you know a family member, or even a friend’s family member who could benefit, be sure to tell them not to dawdle. The scheme closes on 30th November 2019, so there’s not long left to sign up for a Help to Buy ISA. Those who hold an account by this point can continue to make use of it, however if you miss this date then you’ve missed the offer!
Got other great money saving tips you can share with us? Be sure to let us know!