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.