Help to Buy ISA - How does it work?

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 £3000

Help to Buy: ISA - how it works
The accounts are available to each first time buyer, not each household. This means that if you are planning to buy with your partner, for example, you could receive a government bonus of up to £6,000 towards your first home

The minimum government bonus is £400, meaning that you need to have saved at least £1,600 into your Help to Buy: ISA before you can claim your bonus. The maximum government bonus you can receive is £3,000 – to receive that, you need to have saved £12,000

Who is 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: If you have opened a cash ISA this tax year, you can open a Help to Buy: ISA but will have to take additional steps. 

To qualify for the government bonus, the property you are buying must:

  • be in the UK
  • 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

You can use the Help to Buy: ISA with other government schemes, including the Help to Buy: Mortgage Guarantee Scheme, Help to Buy: Equity Loan Scheme and shared ownership

Providers in the scheme

Please go to Helptobuy.gov.uk for a list of Help to Buy: ISA providers.