Help to Buy ISA Explained
Though closed to new applicants, many first-time buyers are still saving with a Help to Buy ISA. Understand your account and calculate your potential bonus.
What is a Help to Buy ISA?
The Help to Buy ISA was a government scheme designed to help first-time buyers save for a mortgage deposit. For every £200 saved, the government would add a £50 bonus, up to a maximum bonus of £3,000. Although the scheme closed to new applicants in 2019, existing holders can continue saving until 2029.
Key Features
- 25% Government Bonus: Receive a bonus of up to £3,000 on your savings of £12,000.
- Tax-Free Savings: All interest earned on your savings is completely tax-free.
- Flexible Withdrawals: You can withdraw your money at any time without penalty, you just miss out on the bonus.
- Closed to New Applicants: You can no longer open a new Help to Buy ISA.
Help to Buy ISA Calculator
Your Deposit Total
Your Savings
£13,200
Government Bonus (25%)
£3,000
Total Deposit
£16,200
How to Claim Your Bonus
Continue Saving
Keep saving into your existing Help to Buy ISA account. Remember the monthly limit is £200.
Instruct Your Solicitor
When you are ready to buy your home, tell your solicitor or conveyancer you have a Help to Buy ISA.
Bonus is Claimed
Your solicitor will handle the paperwork and claim the bonus from the government on your behalf before the sale completes.
Frequently Asked Questions
Ready to Buy Your First Home?
Use your Help to Buy ISA savings to secure your dream new build property.