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Help to Buy ISAs

Legal advice when a buying a property with a Help To Buy ISA

This scheme is for first time buyers, either buying a new build or non new build property.

The scheme was first introduced in December 2015 and the last day to open an account was November 30 2019. The ISA acts as a saving scheme to help first time buyers get onto the property ladder. The scheme helps by boosting your savings by 25%, for example if you save £200 you will receive £50 in bonus back.

Key points for a Help to Buy ISA

  • £1,200 can be deposited in the first month;
  • Up to £200 can be saved;
  • A minimum amount of £1600 must be saved to receive any boost;
  • A maximum of £3,000 will be paid by the government;
  • If you are buying with your partner (who is also a first time buyer) the payment can be a maximum of £6,000.

How the Help to Buy ISA works

  • As long as you are eligible you can open a Help to Buy ISA which can be found at a number of banks and building societies;
  • Save into your ISA; and then
  • When you are ready to buy a home we can then apply for your government bonus which will be added to the purchase amount on your completion statement.

Please note this money cannot be used for anything other than buying a house and cannot be used for the deposit, solicitors or estate agent fees or other costs associated with buying your first home.

Advice on protecting yourself against online fraud

Online fraud is on the increase specifically in property transactions. To help keep yourself safe from this threat please view our advice on protecting yourself.

Contact us

To request further advice or a quote from the Residential Property Team, please call 01733 882800 for Peterborough, 01832 273506 for Oundle, 01480 411224 for Huntingdon, email [email protected] or contact us via our enquiry form.

Residential Property Expertise

Residential Property Lawyers

Pippa Woodcock

Associate - Team Leader Residential Property

Claire Burns

Associate

Claire Hogben BCom (Hons)

Associate

James Steward LLB

Partner

Help to Buy ISAs FAQs

Yes, you can still use your Help to Buy ISA to get the bonus, even if your partner has previously owned a home. The Help to Buy ISA eligibility is based on an individual basis, not as a couple, provided you have never owned a property anywhere in the world. Note that while you can use your ISA and claim the bonus, you will likely not qualify for first-time buyer stamp duty relief because your partner has owned a home before, unless you purchase in your sole name.

Let your solicitor know you are using a Help to Buy ISA as soon as possible, ideally when instructing them or immediately after your offer is accepted. You must close the ISA and provide the closing statement to your solicitor to claim the 25% bonus. Do not simply withdraw your money, or you may lose the bonus; you must specifically request to “close” the account for a property purchase.

There are no direct fees to open or use a Help to Buy ISA, but commonly your solicitor will often charge a small additional administrative fee (usually around £50 to £100 plus VAT) to process the paperwork required to claim the bonus and request the bonus. The bonus itself cannot be used for the initial property exchange deposit, only the final completion so you will still need to find deposit funds usually amounting to 10% of the purchase price (although the savings in the ISA can be used towards this).

View more FAQs

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Key contact

Pippa Woodcock

Associate - Team Leader Residential Property

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