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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