{"id":71976,"date":"2019-04-01T13:16:07","date_gmt":"2019-04-01T13:16:07","guid":{"rendered":"https:\/\/www.templewealth.co.uk\/?p=71976"},"modified":"2019-04-07T12:32:34","modified_gmt":"2019-04-07T12:32:34","slug":"help-to-buy-isas","status":"publish","type":"post","link":"https:\/\/www.templewealth.co.uk\/help-to-buy-isas\/","title":{"rendered":"Help to Buy ISAs: Are they as good as they sound?"},"content":{"rendered":"\n

For first-time buyers who are saving toward a deposit, opening a Help to Buy ISA really is a no-brainer. Offering a 25% bonus of the total you have saved, in addition to interest accrued, there is no other savings account that can get close to these returns.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

For many first-time buyers, saving for a deposit\nrepresents the biggest hurdle between them and getting on the property ladder.\nFor this reason, the Help to Buy ISA will be music to many people\u2019s ears. <\/p>\n\n\n\n

The government backed scheme means that for every \u00a31,000 you save, the government will credit you with an additional \u00a3250. This type of return is streets ahead of traditional savings platforms and is why over 1 million people have opened accounts since their inception.<\/p>\n\n\n\n

If you want to reap the rewards of this scheme you will need to act fast;
the deadline to open a Help to Buy ISA account is 30th<\/sup> November 2019.<\/p>\n\n\n\n

The account allows for regular saving; the first\ninstalment can be of up to \u00a31,200, with a maximum of \u00a3200 able to be deposited\nin each month thereafter. Whilst there is no limit on the amount that can be\nsaved into a Help to Buy ISA, the bonus is capped at a maximum of \u00a33,000. In\nother words, you will attract the 25% bonus on the first \u00a312,000 of savings\nonly. Given the monthly caps on deposits, it would take just over four and half\nyears to qualify for the maximum bonus so opening an account early is essential\nto fully make use of the scheme. <\/p>\n\n\n\n

The accounts are available to anyone aged 16+ and\ncan be used to buy a property of up to \u00a3250,000 (\u00a3450,000 in London). If you\nare looking to buy with a partner or friend, you can each open an account\nmeaning your bonus could total \u00a36,000. \nAlthough the accounts are designed for longer term saving, the bonus can\nbe applied to as little as \u00a31,600 meaning it is still worthwhile opening an\naccount, even if you are as little as three months away from purchasing.<\/p>\n\n\n\n

What are the\nalternatives?<\/strong><\/h4>\n\n\n\n

In some circumstances, a Help to Buy ISA may not be\nthe best fit; perhaps you wish to buy a property in excess of the threshold or\nyou wish to deposit more than the ISA allows. <\/p>\n\n\n\n

Whilst the Help to Buy ISA has had much press, the\nLifetime ISA (LISA) has flown largely below the radar. One of the reasons for\nthis is the lack of availability; to date, only a handful of providers offer\nthe LISA. Another is its name; the Lifetime ISA is predominantly thought of as\nproduct for retirement planning.<\/p>\n\n\n\n

Lifetime ISA (LISA)<\/strong><\/h4>\n\n\n\n

Sure enough, a LISA has many benefits for\nretirement planning, but it can also benefit first time buyers in much the same\nway as a Help to Buy ISA, with some key differences. <\/p>\n\n\n\n

With a LISA, you are not capped at \u00a3200 per month\nand you can pay in anything up to \u00a34,000 per financial year, in a lump sum or\nregular instalments. This could suit you if you already hold savings as you can\ninvest much more quickly. With the end of the tax year just a few days away,\nyou could make a \u00a34,000 deposit now (before 5th<\/sup> April 2019) and then\ninvest a further \u00a34,000 as soon as 6th<\/sup> April 2019.<\/p>\n\n\n\n

Upon withdrawal, the LISA will also qualify for the\n25% bonus, providing the account has been open for at least 12 months. The\n\u00a34,000 yearly limit means a potential bonus of \u00a31,000 per year with essentially\nno cap on the maximum bonus allowed (the bonus is capped at \u00a333,000 meaning you\nwould have to have the account for more than 33 years to hit the limit).<\/p>\n\n\n\n

The LISA also allows for a higher purchase price\noutside of London with a \u00a3450,000 limit applicable anywhere in the country.<\/p>\n\n\n\n

There are many factors that will determine which\ntype of account is right for you. The table below highlights some of the main\nfeatures and differences of each:<\/p>\n\n\n\n

Help to Buy\nISA vs Lifetime ISA<\/strong><\/h4>\n\n\n\n
\n  \n <\/td>Help to Buy ISA<\/strong> <\/td>Lifetime ISA<\/strong> <\/td><\/tr>
Opening age<\/strong><\/td>Anyone aged 16+ <\/td>Anyone aged 18-39<\/td><\/tr>
Maximum contribution<\/strong><\/td>\u00a3200 per month (\u00a31,200 in the first month) <\/td>\u00a34,000 per tax year \u00a0 <\/td><\/tr>
Maximum property value<\/strong><\/td>\u00a3450,000 <\/td>\u00a3250,000 (\u00a3450,000 in London) \u00a0 <\/td><\/tr>
Maximum bonus<\/strong><\/td>\u00a33,000 <\/td>\u00a333,000 <\/td><\/tr>
Penalty if you don\u2019t buy a house<\/strong> <\/td>None
(You just don\u2019t get the bonus) <\/td>		Yes, unless you leave it until you are aged 60+ \u00a0 \u00a0 <\/td><\/tr>
How long before the account qualifies for bonus<\/strong> <\/td>Once you have saved \u00a31600 (minimum 3 months) <\/td>12 months from opening the account<\/td><\/tr>
When is the bonus paid<\/strong><\/td>On completion <\/td>On exchange \u00a0 <\/td><\/tr><\/tbody><\/table>\n\n\n\n
\"\"<\/figure>
\n

Should you have any questions, or need help deciding if a Help to Buy ISA is best for you, please contact one of Temple Wealth\u2019s advisers. We can advise you on all aspects of the house buying process – from beginning to save for your deposit to finally buying a house and getting the right mortgage for you.<\/p>\n\n\n\n

Call 01329 282882 or use the form on our Contact Us<\/a> page.<\/p>\n<\/div><\/div>\n\n\n\n


The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Investing in shares should be regarded as a long-term investment and should fit in with your overall attitude to risk and financial circumstances. <\/p>\n\n\n\n

Your home maybe repossessed if you do not keep up repayment on your mortgage.<\/p>\n","protected":false},"excerpt":{"rendered":"

For first-time buyers who are saving toward a deposit, opening a Help to Buy ISA really is a no-brainer. Offering a 25% bonus of the total you have saved, in addition to interest accrued, there is no other savings account that can get close to these returns. For many first-time buyers, saving for a deposit […]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[31],"tags":[46,47],"acf":[],"yoast_head":"\nHelp to Buy ISAs: Are they as good as they sound? - Temple Wealth<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.templewealth.co.uk\/help-to-buy-isas\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Help to Buy ISAs: Are they as good as they sound? - Temple Wealth\" \/>\n<meta property=\"og:description\" content=\"For first-time buyers who are saving toward a deposit, opening a Help to Buy ISA really is a no-brainer. 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