Barclays Bank Help to Buy ISA
|Description:||Help with saving towards your first home.|
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This type of ISA is also considered a type of cash ISA but is specifically designed to help first time buyers save for a mortgage deposit and get their foot on the housing ladder.
The UK government operates it as an affordable home ownership scheme and will top up your savings by another 25% (up to a maximum of £3,000) on savings of up to £12,000. If you are buying a property with someone else, they can also open a Help to Buy ISA.
You can use the government ISA calculator to see what bonus you could get.
In order to qualify, there are some eligibility rules including:
Your first deposit into your Help to Buy ISA can be up to £1,200. You can then deposit up to £200 a month into the account. Your solicitor will apply the 25% government bonus when you buy the property.
For more information read the UK Government Help to Buy: ISA guide.