Help to Buy: ISA

The Ulster Bank Help to Buy: ISA

Good news for first time buyers

Terms and conditions apply. Available to first time buyers who are over 16 and UK resident. A first time buyer is anyone who has not owned or part owned a residential property in the UK or abroad.

Saving for a deposit on your first home can be a challenge, so to help first time buyers with their savings, the UK Government is launching the Help to Buy: ISA to get them on the property ladder sooner.

The Help to Buy: ISA is a boost for first time buyers. Each month, if eligible, you can save up to £200, on top of which the UK Government will contribute an additional 25%. You can also kick start your Help to Buy: ISA with an additional £1,000 deposit in the first month (meaning the most you can deposit in the first month is £1,200).

When you purchase your first home within the property price limits (up to £450,000 in London and up to £250,000 in the rest of the UK) the Government will pay you a bonus of £50 for every £200 you’ve saved.The minimum savings amount is £1,600 before you will get the bonus, and the maximum is £12,000.

Ulster Bank are excited to announce that we’ll be offering this to our customers as soon as it’s launched on the 1st December 2015. To apply, just pop into your local branch from 1st December, visit us online, or call us on 0800 046 6486.

Help to Buy: ISA explained

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Icon expand Who's the Help to Buy: ISA for?

Anyone who’s saving towards buying their first home who’s a UK resident for tax purposes, aged 16 & over.

A first time buyer is anyone who has not owned or part owned a residential property in the UK or abroad.

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Icon expand How can I apply?

Our Help to Buy: ISA will be available from 1st December 2015. You can apply online, over the telephone or at your local branch.

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Icon expand What is the benefit of saving in a Help to Buy: ISA?

For every £200 you save the UK Government will add an extra £50. This will be paid directly towards the purchase of your first home. As it’s an ISA, the interest on your savings is tax-free.

 

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Icon expand How much can I save?

Up to £1,200 in the first month you fund your account and then up to £200 per month thereafter. The most you can save for a bonus is £12,000, although you can continue to contribute to the account after you’ve reach £12,000, but you won’t earn any additional bonus.

You’re limited to one Help to Buy: ISA account per person (but you can transfer this between providers if you wish).

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Icon expand Can i save in an Ulster Bank Help to Buy: ISA as well as a regular cash ISA in the same tax year?

You can as long as both ISAs are with Ulster Bank. We’ll allow you to save into both a Help to Buy: ISA and a ‘regular’ cash ISA in the same tax year as long as your overall ISA savings (including any other stocks and shares ISA fund you may have) don’t exceed your annual ISA allowance. In the 2015/16 tax year this is £15,240.

As an example, you could save £2,000 in your Ulster Bank Help to Buy: ISA and up to £13,240 in a ‘regular’ Ulster Bank cash ISA.

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Icon expand When is the Help to Buy: ISA available?

The Help to Buy: ISA scheme launches on December 1st and we’ll be offering the Help to Buy: ISA account from this date

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