Fidler & Pepper Reaches Milestone
Award-winning conveyancing firm Fidler & Pepper is about to mark a milestone, as it is just about to complete its 2,000th purchase involving innovative Help To Buy schemes.
The firm began acting for Help To Buy purchases in 2015, with Help To Buy ISAs being dealt with from February 2016.
Help to Buy is a Government-backed scheme that sees people being offered a loan up to 20 per cent of the cost of a newly-built home.
A Help to Buy ISA is a type of savings scheme that was created to help first-time buyers save for a deposit for their home. The government gives savers a helping hand to boost their savings in order to help them get onto the housing ladder.
Matt Slade, who heads up Fidler & Pepper’s conveyancing department, said: “When it was first launched back in December 2015, it was an attractive scheme to prospective first time buyers.
“It effectively made saving for a deposit more attractive at a time when the tightening of lending criteria could have negatively affected the market, providing a necessary boost at just the right time.
“Take-up of the ISA accounts has steadily increased and it is fair to say that it has been a great way for people to get on the property ladder.”
There is a set of guidelines that govern how Help To Buy schemes can be used.
For instance, the government boosts savings by 25 per cent, and people can save up to £200 per month.
The maximum bonus people can claim is £3,000, so to get the best bonus people would need to save £12,000.
The house that people want to purchase using the scheme must cost a maximum of £250,000 (or £450,000 in London).
However, Help To Buy ISA schemes will end in November 2019, meaning that they are still available but people will have to move quickly to take advantage of them.
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