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New Rules Will Make it More Difficult for Graduates to Save
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
New Rules Will Make it More Difficult for Graduates to Save
New graduates will soon find it more difficult than ever to get onto the property ladder.
Hamptons has warned that the new rules on repaying maintenance grants will make it harder for graduates to save for a deposit.
However, Hamptons says that those that can save will be able to use the Help to Buy ISA, which includes a 25% Government bonus.
Six of the UK’s biggest high street lenders have signed up to the ISA scheme.
The new product will be available at Barclays, Lloyds Bank, Nationwide, NatWest, Santander and Virgin Money from 1st December 2015.
The scheme allows aspiring first time buyers to save up to £200 a month, with the Government adding £50 per month.
The Government’s maximum contribution is £3,000 per ISA. If a couple is saving through two ISAs, they will receive £6,000 from the Government.
The bonus is available on homes worth up to £450,000 in London and up to £250,000 outside London.
