Help to Buy ISA

About the Help to Buy ISA

The Help to Buy ISA stopped accepting applications for new accounts on 30th November 2019. If you have an account before this date, you will be able to carry on saving until November 2029. 

Under the scheme, the government supports first time buyers saving towards a deposit for their first home. To a maximum cap of £3,000, the government tops up the savings account by 25%. This means that for every £100 you save, there is an additional £25 included by the government. To reach the cap, you need to have saved £12,000. 

The scheme is for individuals rather than households, so for a couple who are jointly saving towards a deposit, the maximum cap is £6,000 received. This equates to £24,000 in savings, which is then topped up to £30,000. 

You can save up to £200 per month, with a lump sum deposit to start your account of £1,200. The minimum bonus is £400, so you will have to have saved at least of £1,600 to benefit from the scheme. 

Eligibility and conditions

• The scheme was open to all first time buyers but was closed to new applications from 30th November 2019. 
• Once you have progressed in the house-buying process and a sale is imminent, your solicitor will apply for your bonus. 
• The bonus must be amalgamated with the funds for the completion of the sale.
• The bonus cannot be used as a deposit for the property, or to cover any other fees associated with the sale. 
• The maximum purchase price of the property is £250,000 or £450,000 in London. 
• You will need to take out a mortgage. 
• The home must be the only home you own, and you must intend on living there. 

More information

As a whole-of-market mortgage advice service, our experienced team of advisors have access to deals not available to the general public and have helped thousands of customers to find their perfect mortgage. Complete our simple online form today to get started!

Visit the Help to Buy ISA website for further information.