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Help to Buy ISA Success

Since its launch in 2015 the Help to Buy ISA scheme has contributed to the purchase of more than half a million homes. The latest figures released in respect of the scheme, covering the period up to September 2022, also reveal that the average age of a first-time buyer under the scheme was 28 compared to an overall UK average of 30.

 Although Help to Buy ISAs closed to new entrants in 2019, those already saving into the scheme can continue to do so until the end of November 2029. Lifetime ISAs are also still available, enabling individuals aged between 18 and 40 to start saving either towards a house purchase or for later life. The maximum that can be saved into a Lifetime ISA is £4,000 per year, with this sum counting as part of the overall annual ISA savings limit which currently stands at £20,000. Lifetime ISA savings attract a government bonus of 25% of the amount saved. However, the rules on what a lifetime ISA can be used for are fairly strict so these may not be the optimal savings vehicle for everyone.

 If you are looking for advice on investments, or if your situation has changed and you may therefore need to review your existing pensions or investments, contact Beckworth by using one of the links on our website.