If you are saving to buy your first home, the government will top up your savings by 25% (up to £3,000).
Help to Buy ISAs are available from most banks, building societies and credit unions.
To start you can deposit a lump sum of up to £1,200.
A Help to Buy ISA is available to people saving for their first home, which must:
Yes, Help to Buy ISAs are per person, not household.
This means that if you were planning to buy with your partner you could both have a Help to Buy ISA, gaining a maximum government bonus of £6,000 to pay for your first home.
Yes, you can also put a Help to Buy ISA as a deposit against a purchase with a Help to Buy Equity Loan.
The minimum amount that the government will pay you is £400, meaning you will need to have saved £1,600 in your Help to Buy ISA before you can claim your bonus.
The maximum government bonus you can receive is £3,000 (per person).
To receive that, you need to have saved £12,000.
When you are close to buying your first home, you will need to instruct your solicitor or conveyancer to apply for your government bonus.
Once they receive the government bonus, it will be added to the money you are putting towards your first home.
The bonus must be included with the funds consolidated at the completion of the property transaction.
The bonus cannot be used for the deposit due at the exchange of contracts, to pay for solicitor’s, estate agent’s fees or any other indirect costs associated with buying a home.
No, you do not have to pay it back.
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