Affordable property in East London with Help To Buy ISAs
The UK government introduced Help to Buy ISAs in December 2015 and it has helped well over a thousand first-time-buyers to purchase property. Over a million would-be buyers are still saving and plan to get a foot on the property ladder by 2020.
The Help To Buy ISA scheme means that first-time-buyers can receive from the government a quarter of the value of their savings, helping them save more quickly for a deposit.
How does a Help To Buy ISA work?
People who are saving for their first property can open a Help To Buy ISA with almost any high street bank or building society. £1,600 is the minimum amount required to open a Help To Buy ISA. Once the ISA is started, account holders can pay in up to £200 per month, until it reaches a maximum of £12,000. Couples planning to buy homes together are allowed to open an ISA each, meaning that they can save more quickly. You should also remember that Help To Buy ISAs can only be used to buy property!
After the ISA has reached £12,000, or the required value, the government tops it up by one quarter. For example, if your ISA were worth £12,000, it would be topped up by a further £3,000, bringing the total to £15,000. The 25% top up is applied for by your solicitor as part of the purchasing process.
Affordable property in East London
Help To Buy ISAs can only be used for London properties worth up to £450,000. There has been some scepticism about how useful this is, given London house prices. However, organisations like Restoration London are investing in affordable housing developments and making buying property in East London a realistic option. You can find out more about Restoration London here.
Dockleys and Restoration London are working together on Hunts Wharf, a new development in Clapton that will provide affordable housing and office space. The apartments at Hunts Wharf will all come in at under £450,000, perfect for first time buyers saving with Help To Buy.
Buy property in East London
At Dockleys, we love sharing our expertise and helping everything to run smoothly for first time buyers. If you’re hoping to buy your first property, give us a call on 020 3633 4440 to get started.
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