You can no longer open a Help to Buy ISA. If you already have a Help to Buy ISA, you can save up to £200 a month.
How much must I have in the account when I want to claim my bonus?
To benefit from the bonus you must have saved at least £1,600 before you can claim the minimum Government bonus of £400.
What is the maximum I can save in the account?
The most you can save is £12,000.00 and the maximum Government bonus you will receive is £3,000.
Can I buy any property and benefit from the bonus?
To qualify for the government bonus, the property you are buying must:
- Be in the UK
- Have a price of £250,000 or less (with a higher price limit of £450,000 in London)
- Be the only home you will own
- Be where you intend to live
- Be purchased with a mortgage
What can I use my bonus money on?
The money saved in your ISA can be used for your deposit however, the bonus (“free money from the Government”) cannot be used for the deposit due at the exchange of contracts, to pay for conveyancer’s, estate agent’s fees or any other indirect costs associated with buying a home.
When do I get the bonus money?
Once you are confident that your house purchase will be taking place (exchanging contracts and fixing in place a moving in date) you should then close down your ISA account. Your Bank or Building Society will then provide you with a Closing Statement which you must supply to your conveyancer. Your conveyancer will then apply for your Bonus funds via the Government Portal before the day your purchase completes.
