The Help to Buy ISA closed to new accounts at midnight on 30 November 2019. If you have already opened a Help to Buy ISA (or did so before 30 November 2019), you will be able to continue saving into your account until November 2029.


Help to Buy ISA

Saving for a deposit for your first home can be hard. But help is here.

With a Help to Buy ISA every £200 you save towards your new home the Government will add another £50. It’s the easy way to boost your savings by 25%, up to a massive £3,000. And remember, like all ISA’s you don’t pay a penny tax on the interest you earn. 

3 simple steps to boost your savings

Step 1 - open a Help to Buy ISA

These are available from a range of leading banks and building societies and setting one up is easy. The Help to Buy ISA is available to each first time buyer. So if you’re saving to buy a house with your partner, you could both open an ISA and both get a 25% savings boost, giving you up to £6,000 additional savings towards your home. 

Step 2 – start saving

How much you save is up to you, but the minimum Government bonus is £400, so you’ll need to have at least £1,600 in your Help to Buy ISA before you can claim your bonus. 

To kick start your Help to Buy ISA you can deposit a lump sum of up to £1,200 in the first month and put away up to £200 a month after that. You don’t have to save every month, but your monthly allowance isn’t transferable. So if you miss a month you can’t save £400 the next month. 

The maximum bonus you can claim is £3,000. To get that you’ll need to have saved £12,000. 

Step 3 – get your bonus

When you’ve found the Keepmoat home for you, your solicitor or conveyancer will apply for your Government bonus. This is calculated based on how much is in your account when you close it and includes everything you’ve saved and all the interest earned. The bonus is paid when you buy your home. 

You can take your money out of your Help to Buy ISA at any time, but if you’re not buying a new home you won’t get the Government bonus. 

Who’s eligible?

To qualify for a Help to Buy ISA you must:

  • be 16 or over
  • have a valid National Insurance number
  • be a UK resident
  • be a first time buyer and not own a property anywhere in the world
  • not have another active cash ISA in the same tax year.

To qualify for the Government bonus, your new home must:

  • cost up to £250,000, or up to £450,000 if you are buying in London
  • not be a second home or a buy-to-let property
  • not be rented out after you buy it
  • be purchased with a mortgage

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