Question 1

Is the Help to Buy ISA still available?

Accepted Answer

No, the Help to Buy ISA closed to new accounts on 30 November 2019. If you already have one, you can continue saving into it until 30 November 2029, and you must claim the bonus before 1 December 2030. If you're looking for a similar product, the Lifetime ISA offers a better deal (higher limit, bigger potential bonus).

Question 2

How does the Help to Buy ISA bonus work?

Accepted Answer

The government adds a 25% bonus to your savings when you buy your first home. You'll receive a minimum of £400 (on £1,600 savings) and a maximum of £3,000 (on £12,000 savings). The bonus is not paid directly to you; your solicitor claims it from the government on completion of your property purchase.

Question 3

What property can I use it for?

Accepted Answer

The property must be your first home, used as your main residence (not a buy-to-let), purchased with a mortgage, and worth no more than £250,000 (or £450,000 in London). The bonus cannot be used for the deposit at exchange; it's only available at completion.

Question 4

Can I have a Help to Buy ISA and a Lifetime ISA?

Accepted Answer

Yes, you can hold both. However, you can only use the government bonus from one of them toward a first home purchase. In practice, the Lifetime ISA offers a higher annual contribution limit (£4,000 vs £2,400/year) and a higher maximum property price limit (£450,000 vs £250,000), so it's generally the better option for most first-time buyers.

Question 5

What happens if I don't use the savings for a property?

Accepted Answer

You can withdraw your own savings at any time, but the government bonus is forfeited if you don't use it for a qualifying property purchase. The account will close in 2030. If you have a Lifetime ISA, consider transferring (though this may incur charges; check with your provider before moving funds).

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