Help to Buy: ISA is an account aimed to help you save for your first home. The Help to Buy: ISA is a tax-free savings account in which you can make regular deposits of up to £200 a month. You will receive a government bonus of 25% of the amount saved in your Help to Buy: ISA.
You can deposit up to £1,200 in the first calendar month of account funding, and then continue to make regular deposits of up to £200 in your Help to Buy: ISA each calendar month thereafter.
Accounts are limited to one per person with a minimum bonus amount of £400 on a balance of £1,600 and maximum bonus amount of £3,000 on a balance of £12,000 or more.
To apply for a Help to Buy: ISA you must be a UK resident, aged 16 or over and a first time buyer and have never previously owned a residential property.
You can only pay into one cash ISA and/or one stocks and shares ISA each tax year. If you have already paid in more than £1,200 into a cash ISA this tax year you will not be able to pay into a Help to Buy: ISA until the next tax year 2016/2017. If your current tax year subscriptions remaining in your cash ISA are £1,200 or less and you wish to transfer those current tax year subscriptions into your Help to Buy: ISA, please see how to do this in the Paying in to your ISA tab.
You can apply for the Help to Buy: ISA in branch or by calling us, please see more details in the Apply tab.
You can manage the account using online, mobile, in branch or telephone banking.
More flexible than Halifax option (you can make multiple deposits each month up to £200 via any method) and now the same rate too.
Can also be managed via Mobile app (Halifax cannot)
Top comments
anewman
14 Mar 1630#11
This is just a scam designed to prop up the property market to help first time buyers overstretch themselves and get big mortgages they can't afford once interest rates rise.
Better in the scheme than out of it, but do be aware of what you're letting yourself in for.
I think this may be to reduce the amount of people abusing the offer. Help to Buy is aimed at first time buyers looking to get on the property ladder, not for those already in a house looking to upgrade to something bigger, or those that can manage to afford bigger (which is great). This happened with the previous help to buy scheme (certainly in Scotland) as there were limited funds which ran out quickly, as a lot of the money was used by families moving from an owned property (i.e 3 bedroom semi/terrace/flat) to a larger family home (i.e 4/5 bedroom detached), and this left a lot of first time buyers struggling to get help to buy funds for flats/3 bedroom homes.
In most parts of the country £250k is a generous limit, if you able to afford more (and the deposit for this) then great, that's amazing, but then you are not really the target audience for the scheme so I can see why the limits are there. Good point in making it known though, as I am sure a lot of people are not aware of that restriction.
SFconvert
14 Mar 166#20
Really? This is effectively just tax payer cash going straight into the pockets of the big house builders like Barrats etc. These developers are now making the best profit margin on every house they build for decades, possibly ever. This is a zero sum gain for those taking advantage of the scheme, and a severe detriment to those who are not part of it.
Do you honestly think it's a coincidence that these same house builders were amongst the biggest donors to the conservative party for the last 2 elections?
ses6jwg
14 Mar 165#12
What a load of piffle.
All comments (111)
m1chaels
14 Mar 16#1
I wonder if you do not intend getting the govt top up you could get one of these accounts even if you are not a ftb....
ses6jwg to m1chaels
14 Mar 161#2
You have to sign a declaration stating you have never owned a property.
ziggy999 to m1chaels
14 Mar 163#3
No. because they don't give you the cash. I believe your solicitor claims it when the conveyancing goes through.
m1chaels
14 Mar 16#4
I'm not interested in the govt cash which obviously I don't qualify for but would like the 4% interest on an ISA that the bank are paying when for normal ISA customers they are only offering 1.3%.
DealF1nder
14 Mar 161#5
No, unfortunately even if you do not intend to claim the govt bonus you can not open an H2B ISA
JJMPSP
14 Mar 165#6
You get a voucher as a reward anyway, not cash.
This is an excellent incentive from the government towards FTB's and it literally takes 5 minutes to open a new account. Hot from me!
Froggy12
14 Mar 16#7
Just reading up on H2B ISA, it seems that you can indeed benefit from the interest paid and withdraw this plus your capital at a future point if you decide against buying property. I havent checked the Santander small print though (headline is no withdrawal penalty).
All usual conditions of application will apply (16+, never owned property etc)
chenzz
14 Mar 162#8
apparently, you can only buy property cheaper than 250000 (450000 in London) to be eligible for the government bonus.
I hated that no one mentioning this!
KevClark1985 to chenzz
14 Mar 1615#9
I think this may be to reduce the amount of people abusing the offer. Help to Buy is aimed at first time buyers looking to get on the property ladder, not for those already in a house looking to upgrade to something bigger, or those that can manage to afford bigger (which is great). This happened with the previous help to buy scheme (certainly in Scotland) as there were limited funds which ran out quickly, as a lot of the money was used by families moving from an owned property (i.e 3 bedroom semi/terrace/flat) to a larger family home (i.e 4/5 bedroom detached), and this left a lot of first time buyers struggling to get help to buy funds for flats/3 bedroom homes.
In most parts of the country £250k is a generous limit, if you able to afford more (and the deposit for this) then great, that's amazing, but then you are not really the target audience for the scheme so I can see why the limits are there. Good point in making it known though, as I am sure a lot of people are not aware of that restriction.
JohnnyUtah to chenzz
14 Mar 162#10
First time buyers buying property of £250,000 to £450,000 .... ha!.
Is this Property Porn with Phil & Kirsty?
JayS2014 to chenzz
14 Mar 16#67
yea, if you can find a property at a reasonable price in London. Short supply, high demand and all these developments are ridiculously priced.
anewman
14 Mar 1630#11
This is just a scam designed to prop up the property market to help first time buyers overstretch themselves and get big mortgages they can't afford once interest rates rise.
Better in the scheme than out of it, but do be aware of what you're letting yourself in for.
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Opening post
You can deposit up to £1,200 in the first calendar month of account funding, and then continue to make regular deposits of up to £200 in your Help to Buy: ISA each calendar month thereafter.
Accounts are limited to one per person with a minimum bonus amount of £400 on a balance of £1,600 and maximum bonus amount of £3,000 on a balance of £12,000 or more.
To apply for a Help to Buy: ISA you must be a UK resident, aged 16 or over and a first time buyer and have never previously owned a residential property.
You can only pay into one cash ISA and/or one stocks and shares ISA each tax year. If you have already paid in more than £1,200 into a cash ISA this tax year you will not be able to pay into a Help to Buy: ISA until the next tax year 2016/2017. If your current tax year subscriptions remaining in your cash ISA are £1,200 or less and you wish to transfer those current tax year subscriptions into your Help to Buy: ISA, please see how to do this in the Paying in to your ISA tab.
You can apply for the Help to Buy: ISA in branch or by calling us, please see more details in the Apply tab.
You can manage the account using online, mobile, in branch or telephone banking.
More flexible than Halifax option (you can make multiple deposits each month up to £200 via any method) and now the same rate too.
Can also be managed via Mobile app (Halifax cannot)
Top comments
Better in the scheme than out of it, but do be aware of what you're letting yourself in for.
Here's how property should be portrayed on the TV https://www.facebook.com/theguardian/videos/10154016896071323/
The reality of home ownership people don't want to accept *COULD* happen to them: https://www.youtube.com/watch?v=SS9aVfjV9qY
In most parts of the country £250k is a generous limit, if you able to afford more (and the deposit for this) then great, that's amazing, but then you are not really the target audience for the scheme so I can see why the limits are there. Good point in making it known though, as I am sure a lot of people are not aware of that restriction.
Do you honestly think it's a coincidence that these same house builders were amongst the biggest donors to the conservative party for the last 2 elections?
All comments (111)
This is an excellent incentive from the government towards FTB's and it literally takes 5 minutes to open a new account. Hot from me!
All usual conditions of application will apply (16+, never owned property etc)
I hated that no one mentioning this!
In most parts of the country £250k is a generous limit, if you able to afford more (and the deposit for this) then great, that's amazing, but then you are not really the target audience for the scheme so I can see why the limits are there. Good point in making it known though, as I am sure a lot of people are not aware of that restriction.
Is this Property Porn with Phil & Kirsty?
Better in the scheme than out of it, but do be aware of what you're letting yourself in for.
Here's how property should be portrayed on the TV https://www.facebook.com/theguardian/videos/10154016896071323/
The reality of home ownership people don't want to accept *COULD* happen to them: https://www.youtube.com/watch?v=SS9aVfjV9qY