We are the first in the UK to offer an extra bonus to first-time buyers of up to £1,000 on our Help to Buy: ISA.
The Government is offering a 25% bonus to home buyers through the scheme – with the Vernon adding a further 10% on savings.
First-time buyers who hold a Help to Buy: ISA with us and who take their first mortgage with the Society would receive a £4,000 bonus if they save the maximum £12,000 while also benefiting from the tax-free interest rate of 2.25%. The scheme is being launched on April 1, 2017.
Ian Keeling, our Head of Sales and Marketing, said: “House prices continue to outstrip wage increases with the housing crisis showing no immediate sign of abating.
“Many young people still dream of owning their own home and the freedom associated with it.
“Our first-time buyer savings and mortgage products are exclusively available to local people and we hope our innovative take on the Help to Buy: ISA will make the journey onto the first rung of the housing ladder more achievable.”
Help to Buy: ISAs are designed to help first-time buyers save up a deposit for their home.
The Government will add 25% to savings via the scheme, up to a maximum of £3,000 on savings of £12,000.
We will then add a further 10% of the capital balance - up to £1,000 – if a mortgage is completed with us.
For full terms and conditions, please visit our Help to Buy: ISA product page by clicking here.