INVESTMENTS

Guide to Help to Buy ISA

Help to Buy ISA

If you’re saving to buy your first home, the government will top up your savings by 25% (up to £3,000). If you’re buying with someone else, they can also get a Help to Buy ISA.

You don’t have to pay it back.

Eligibility

The home you buy must:

have a purchase price of up to £250,000 (or up to £450,000 in London)
be the only home you own
be where you intend to live

You can use the scheme with an equity loan.

How it works

Your first payment to your ISA can be up to £1,200 and then you can pay up to £200 each month. When you buy your property, your solicitor or conveyancer will apply for the extra 25%.

Example

Your savings	Government payment	Total
£1,600 (minimum)	£400	£2,000
£4,000	£1,000	£5,000
£12,000 (maximum)	£3,000	£15,000