After Chancellor George Osborne’s reaffirmed his commitment to helping more people own their own home in his Autumn Statement, Newcastle Building Society (NBS) has confirmed the launch of the Newcastle Help to Buy ISA on the day the scheme is introduced.
The Help to Buy ISA supports first time buyers by giving savers a 25% bonus from the Government towards their deposit.
The Newcastle’s Help to Buy ISA, which will be launched on Tuesday 1 December, can be opened with an initial deposit of up to £1,200, and when savers’ balances reach £1,600, the Government will give a £50 bonus for every £200 invested in the product up to a maximum £3,000, all of which is tax-free.
And thanks to the Newcastle’s CustomISA facility, savers can open a Help to Buy ISA and then another ISA from the Newcastle’s range, meaning they can utilise their full ISA allowance for the 2015/16 tax year of £15,240 – something they may not be able to do with many other providers of the Help to Buy ISA.
In order to help first time buyers make full use of their ISA allowance, NBS has also launched the ‘Newcastle First Home ISA’ .
The Newcastle First Home ISA offers a cash back option of up to £1,000 if savers go on to qualify for and take out a mortgage with the Newcastle.
Ben Smith, Product Development Manager, NBS, says: “We know how important it is for people to take their first step onto the property ladder and how hard it can be for some. The Help to Buy ISA will support savers in achieving their home ownership ambitions, while taking advantage of the bonus offering by the Government.
“What is a plus for NBS’ savers however, is the fact we have an innovative facility called CustomISA that allows savers to take out more than one ISA product in a year providing you stay within your overall ISA allowance, helping savers make maximum use of their full ISA allowance.
“And, if they take out our First Home ISA they could even gain up to £1,000 cashback if they go on to take a mortgage with the Society.
“This extra cash could help with those all important expensive moving costs so it’s a great product for first time buyers.”
Steve Urwin, Managing Director, Sales and Marketing at Newcastle Building Society, adds: “The Newcastle Building Society welcomes this important new initiative to support first time buyers and we look forward to launching our Help To Buy ISA on 1st December.
“The Newcastle is committed to helping first time buyers through its range of loans and regular savings accounts. The Help To Buy ISA will support our core strategy of helping people to save for and own their own homes.”
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