Society Launches Help to Buy: ISA

21 March 2016

Help_To_Buy_Logo.jpg

The Society is pleased to announce the launch of a Help to Buy: ISA which is available to customers in the Society’s local geographical area*.

The Society’s Help to Buy: ISA is designed to encourage first time buyers to save for a deposit to put towards their first home, with the Government contributing 25% of the account’s closing balance to be used as part of the deposit towards a new home, subject to eligibility and Scheme Rules.

Eligible first time buyers can save up to £1,200 in the first calendar month of the Help to Buy: ISA account opening and up to £200 per calendar month afterwards. The Interest Rate is variable, currently set at 2.10% AER/Tax-free per annum**.

The Government will pay up to a maximum of £3,000, subject to terms and conditions, on a balance of £12,000. To be eligible for the 25% Government bonus, savers must have saved at least £1,600 at the time they decide to purchase their first home. The bonus will then be paid directly to the buyer’s conveyancer when purchasing their new home.

The Help to Buy: ISA can be used towards properties in the United Kingdom with a purchase price of up to £250,000 outside London and a purchase price of up to £450,000 within an eligible London borough, as specified in the Help to Buy: ISA Scheme Rules, and there is no requirement to take out a mortgage with the lender who provides your Help to Buy: ISA.

Transfers-in of additional subscriptions from another ISA provider are not permitted to the Society’s Help to Buy: ISA unless it is a transfer-in from another Help to Buy: ISA from another ISA provider.

Further information about the account including full terms and conditions can be found here.

*The Society’s local geographical area is defined as postcode areas NP, CF, SA, LD, WR, GL, HR and BS.

**Rates effective 21st March 2016.

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