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Help to Buy ISA: Steps to Claim Bonus

In the March 2015 Budget, the government announced the Help to Buy: ISA. The intention was that first-time buyers who chose to save through a Help to Buy: ISA would receive a government bonus which would be calculated and paid when they bought their first home. This could provide first-time buyers with a maximum bonus of £3,000 on £12,000 of savings.

In the July 2015 Budget, the government announced that the Help to Buy: ISA will be available for first-time buyers to start saving from 1 December 2015. From that date, first-time buyers will be able to open their Help to Buy: ISA account with a one-off deposit of £1,000 and deposit a maximum of £200 per month into their account. The government will top up the sum by 25%, up to a maximum of £3,000.

The government has provided details of the procedure to be followed to obtain the bonus. The procedure is:

  • The first-time buyer deposits money in a Help to Buy: ISA account.
  • When they are ready to purchase their first home, the first-time buyer closes their account and receives a closing letter from their ISA manager.
  • The first-time buyer gives the closing letter to their solicitor.
  • Using the letter, the solicitor applies online for the government bonus.
  • The bonus is transferred to the solicitor, who completes the purchase of the home using the full bonus amount.

For further advice and information on Help to Buy contact a member of our Residential Property Team at an office near you.

Source: HM Treasury

Before relying on this commentary please read the Reliance on information posted section in our Terms of Website Use in our Legal section. Please note that specialist advice should be taken in relation to any specific queries and the information above is provided for general information purposes only.

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