First time buyers could be set to miss out on thousands of pounds from the government, with many unaware they are entitled to anything at all.
This is the warning message from Martin Lewis from Money Saving Expert.
The fund is issued to help people towards their deposit, however there is a time limit of when you can apply for it, and the closing date is just a few months away.
The application process for the simplest form of government help towards a first-time buyer deposit closes to new applications on Saturday 30th November.
This Government-backed help-to-buy ISAs adds 25p to every pound you save – meaning if you max out your savings you can get a total boost of £3,000.
What help-to-buy ISAs offer
A help to buy ISA offers first-time buyers a 25% boost to their savings as long as the savings are used to buy a home.
For every £1,000 you save it will be turned into £1,250 – with a maximum bonus of £3,000 on offer (if you save £12,000).
The bonus will be available after you exchange contracts with the seller on your first home. Your initial savings can still be accessed for other uses if you require.
The scheme is closing to new applicants on November 30th but if you open one now it will keep working until 2029.
Who is eligible to open one
To be eligible to open a Help-to-buy ISA you need to be 16 or older, and never have owned (or part-owned) a property anywhere in the world.
If you are buying with a friend, family member or partner it doesn’t matter if they’ve owned a property before as ISAs are individual products and you can still apply for one yourself.
