What bonus amount can I claim from the government?
It depends on the balance of your Help to Buy: ISA when you close it. You need to have saved at least ￡1,600, which means you could claim a ￡400 bonus. You can claim a maximum bonus of ￡3,000 if your closing balance is ￡12,000 or more.
How do I claim my Help to Buy: ISA bonus?
To qualify for the government bonus, the property must be in the UK and with a purchase price of up to ￡250,000 outside of London and ￡450,000 inside London. Your solicitor or conveyancer will claim the bonus on your behalf, so make sure they’re eligible to submit claims through the scheme before you instruct them. You need to
- Be a first-time buyer
- Be buying a property with a mortgage
- Have saved a minimum of ￡1,600
- Close your account in one transaction when you're ready to purchase your first UK property. You can't use the government bonus to cover any costs before completion or to use as the deposit when you exchange contracts
- Pass your closing statement to your solicitor or conveyancer so they can claim the government bonus for you
Can I reopen my Help to Buy: ISA if my property purchase falls through?
Yes, providing you ask us to reopen the account within 12 months of the date you closed it. You’ll need to provide a purchase-failure notice from your solicitor or conveyancer.
Are there other ways to save for a deposit on my first home?
Take a look at our savings tips for first-time buyers, and then browse our range of ISAs.
Where can I find more details about Help to Buy: ISAs?
The government provides full details of the Help to Buy: ISA rules, including eligibility. You can also download our Guide to ISAs [PDF, 1.3MB] and our Help to Buy: ISA terms and conditions. [PDF, 137KB]