If you are saving to buy your first home, save money into a Help to Buy: ISA and the Government will boost your savings by 25%. So, for every £200 you save, receive a government bonus of £50. The maximum government bonus you can receive is £3,000 and you can open a Help to Buy: ISA at a number of banks, building societies and credit unions. Simply make a deposit of up to £1,200 in your first month to get started, followed by monthly deposits of up to £200. You need to save at least £1,600 before you can claim the minimum government bonus of £400. To receive the maximum government bonus of £3,000 you must have saved at least £12,000.
be located within the UK, cost less than £250,000 (or £450,000 in London), be the only home you plan to own, be purchased with a mortgage, and be the only property where you plan to live.
The bonus will be paid once the Government is certain the home purchase will go ahead, therefore your solicitor or conveyancer must claim the bonus between exchange and completion.
You can only have one Help to Buy: ISA at any one time, however you are permitted to transfer your account between ISA managers such as banks, building societies and credit unions. Help to Buy: ISAs will be available to open until 30 November 2019. You can continue to save into your account until 30 November 2029 and your bonus must be claimed by 1 December 2030. If you choose to close your account before this date your bonus must be claimed within 12 months. We strongly recommend not closing your account until you are confident you are about to buy your first home.
For more information, please visit the Help to Buy website T&C’s apply.
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