Help to Buy ISA: What are the basics?
Whilst Help to Buy ISAs closed new accounts on the 30 November 2019, if you already have a Help to Buy ISA you can keep saving into your account until November 2029, with a further 12 months to claim your government bonus towards your first home.
You can pay up to £200 into your Help to Buy ISA account each month and the government will top up your savings by 25% when you purchase your first home. The government bonus is capped at £3,000.00, meaning that to be granted the maximum bonus you will need to have saved £12,000.00 in your Help to Buy Account.
You must have saved a minimum of £1,600.00 in your Help to Buy ISA account to claim the bonus.
You do not have to repay the government bonus.
To be eligible for the government bonus, the property you purchase must:
- Have a purchase price of up to £250,000.00 (or up to £450,000.00 in London)
- Be the only home you own
- Be where you intend to live
If you have a Help to Buy ISA account that you intend to use for your purchase, it is important that you make your solicitor aware of this as soon as possible in the course of the transaction as there will be certain forms for your solicitor to prepare to make the application for the 25% government bonus.
For further information about Help To Buy ISAs can be found here: https://www.gov.uk/help-to-buy-isa
If you’d like to speak to a member of team please get in touch www.macjones.com/contact/