The scheme acts as a savings account to assist first time buyers in saving for a deposit for their first home, with the benefit of a 25% cashback from the Government at the point you close your ISA to buy your first property.
Even if you are not in a position to buy your first property yet and think that this is years away, you do not want to miss out on this scheme. If you open a Help to Buy ISA now, you can keep this open for up to 10 years and continue to put money into it and use it.
If you are thinking about opening a Help to Buy ISA you will need to speak to your bank who will explain the ISA in depth to you along with any terms and conditions. But this must be done before 30th November 2019.
If you already have a Help to Buy ISA and are looking at buying your first property then come and speak to us, we will be happy to guide you through the process.