First Time Buyer, Barclays Help to Buy - Isa

hi my name is Todd and I work in the mortgage team at Barclays. The Help to Buy: ISA, what is it and how does it work? If you are a first-time buyer and save your money into a Help to Buy: ISA the government will boost your savings by 25%, so for every £200 you save you will get a government bonus of £50. To qualify for the government bonus you must first have saved a minimum of £1,600 into a Help to Buy:ISA so the minimum bonus you to receive is £400 which is 25% of £1,600 pounds. The maximum bonus you can receive is £3000 which is 25% of £12,000. There are few things to be aware of with the Help to Buy: ISA. You can save up to £1,200 in the first month and up to £200 per month after that, but you don't have to make a deposit every month. When you decide to buy a property your solicitor or conveyancer will apply for the bonus on your behalf as part of the legal process however you can only use the bonus on a property that you're going to live in worth up to £450,000 in London or £250,000 elsewhere and not a buy to let. You can only open one Help to Buy:ISA, however if you're buying a house with a partner or friend who was IS also a first time buyer you can both open a Help to Buy: ISA and combine them to put toward your new home. It is worth noting that to subscribe to a Help to Buy:SA you can't have subscribed to another cash ISA or used your total annual ISA allowance in a stocks and shares ISA during the same tax year. So in summary one, with a help to buy ISA the government will boost your savings by 25% up to £3000. Two, you must have a minimum of £1,600 in your Help to Buy: ISA to qualify and three you can access your bonus through your solicitor or conveyancer when you decide to buy a property. To find out more please visit barclays.co.uk/helptobuyisa