10 Feb 2016
First time buyers grab £6,000 UK Government giveaway
A quarter of a million first time buyers, more than half of whom are aged 30 and under, have opened a Help to Buy ISA in just nine weeks.
This is equivalent to 1 person opening an account every 30 seconds, or over 3,000 a day, since the scheme launched on December 1.
The first homebuyers have also claimed their Help to Buy government bonus this week, which means the new Help to Buy ISA is already helping first time buyers onto the housing ladder.
How do they work?
Launched by Chancellor George Osborne at the 2015 March Budget, the Help to Buy ISA is part of the government’s long term plan to support people who want to work hard, save up for a deposit and buy their own home.
The scheme gives first time buyers the opportunity to save up to £200 a month in a dedicated ISA that the government will top up by 25%, up to a maximum of £3,000.
First-time buyers eager to make the most of the scheme can also open their account with a one-off lump sum of up to £1,000 in addition to the monthly maximum.
And couples buying together will be able to combine their bonuses, meaning a potential boost of up to £6,000 towards a deposit for a first home.
Further support from Aberdein Considine
Aberdein Considine has also launched a major new campaign to help young people onto the property ladder.
Between February 1st and April 30th 2016, first time buyers are being given a 50% discount on their legal fees, saving them hundreds of pounds.
A series of special open days will also be held across Scotland, where lawyers, mortgage advisers and property experts will all be on hand to answer any questions potential movers may have, free of charge.
Chris Comfort, Partner at Aberdein Considine, said the firm is committed to helping so-called 'Generation Rent' into home ownership.
"With a 50% discount on legal fees, young buyers have a fantastic opportunity to get on the property ladder for hundreds of pounds less than it would usually cost."
First time buyer open days
Open days will take place on the following dates. To reserve a space, click on the location.
- 13th February: Union Street, Aberdeen
- 13th February: Kilmarnock Road, Glasgow
- 27th February: Lothian Road, Edinburgh
- 12th March: High Street, Perth
For more information about the 50% discount, call 0333 00 66 333 or click here.