In addition to the Savings general terms and conditions, and the ISA general terms and conditions, the following terms and conditions apply to Help to Buy: ISA. If there is a conflict between the Savings General terms and conditions, the ISA General terms and conditions and these Help to Buy: ISA terms and conditions, the Help to Buy: ISA terms and conditions will take priority.

The Help to Buy scheme is backed by HM Government and is subject to the Scheme Rules. By applying for the account you agree that the Scheme Rules will apply to you. You can get a copy of the Scheme Rules on www.helptobuy.gov.uk/isa or by asking us for a copy. Please read them carefully before taking out the product and also see the Cash ISA product guide.

On closure of your account in accordance with the Scheme Rules, you may be eligible to claim a Government Bonus. Please refer to the Scheme Rules and the product guide for further details.

Account holding and eligibility

  1. The account is only available to those aged 16 or over who are “Eligible Customers” as defined in the Scheme Rules and are not (and have never been) a Residential Property Owner. For the details of these requirements please refer to the Scheme Rules and the Cash ISA product guide.
  2. You may only have one Help to Buy: ISA at any time, which must be in your own name. For this reason if you are transferring your Help to Buy: ISA to another provider, you must transfer the entire balance and close your account with us.
  3. If you no longer meet the account eligibility criteria or if you break any of the Scheme Rules, we reserve the right to transfer the account to another ISA within our range.

Interest

  1. Interest is calculated daily and paid annually on the anniversary of account opening and on closure.
  2. Interest can be paid into the account, a Nationwide current or savings account (subject to the terms and conditions of the receiving account), or a current account with another building society or bank.
  3. Any interest paid to another account will not be included in the total when you close your account and claim the Government Bonus.
  4. Interest is calculated on each whole pound in the account.
  5. The interest rate payable on the account is variable.
  6. Interest paid into the account does not count towards the maximum monthly deposit.

Paying money in

  1. You can open the account without paying any money in.
  2. In the first calendar month that you pay money into the account, you have up to the end of that month to deposit up to a maximum of £1,200. For example if you open an account with us on the 10th of February, but make your first payment of £50 on the 10th of March, you can pay in the balance of £1,150 until the 31st of March.
  3. You can only pay £1200 into a Help to Buy: ISA once, even if you transfer a Help to Buy: ISA to us from another provider.
  4. In subsequent months, you can pay money in up to a maximum of £200 each month at any time.
  5. If any amount you pay in would exceed the maximum amount in that calendar month, or exceed your annual ISA allowance, the whole amount of that payment will be returned to you.

Taking money out

  1. You can withdraw any available funds in the account, or transfer to another ISA provider, without notice or loss of interest.
  2. Once funds have been added to your account they count towards that month’s maximum deposit even if you withdraw them. You can only deposit them again if you have not used all of that month’s maximum deposit.

Operating the account

  1. Once you have paid money into your account, you must have a minimum of £1 in the account to keep it open.

Closure of your account and claiming the Bonus

  1. If you are eligible to claim a Government Bonus, when you are ready to purchase your property you must close your Help to Buy: ISA. You will then be provided with the closing documents you need to give your conveyancer to claim the Bonus.
  2. If you transfer all of the money to another ISA which is not a Help to Buy: ISA, (either with us or with another provider), we will treat this as your request to close the account and will send you the closing documents.
  3. In order to claim a Government Bonus, you will need to be a First Time Buyer, as described in the Scheme Rules. Your Bonus is based on the final balance in the account when you close the account. Any amounts which you withdraw prior to that will not form part of the Bonus calculation. In order to claim your Bonus you must ask us to close your account if you withdraw all the funds in your account.
  4. Please note that the minimum Bonus is £400, which means that you will not be eligible for a Bonus if the closing balance is less than £1,600. The maximum Bonus is £3,000, which means that any part of the closing balance which exceeds £12,000 will be ignored when calculating the amount of the Bonus.

Reinstatement

  1. If you close your Help to Buy: ISA but you fail to purchase a property, your conveyancer will give you a Purchase Failure Notice. If, within 12 months of closing your Help to Buy: ISA you give us a Purchase Failure Notice, we will allow you to open another Help to Buy: ISA provided we offer a suitable account and you are eligible for it. Subject to the Scheme Rules, you will be able to deposit an amount up to the balance of the Help to Buy: ISA when it was closed.

Save to Buy mortgage

  1. As a Help to Buy: ISA saver you may wish to apply for a Save to Buy mortgage with Nationwide. In order to apply for a Save to Buy mortgage with us you must:
    • be in at least the third month of holding your Help to Buy: ISA with Nationwide, and
    • satisfy our mortgage underwriting criteria applying at the date of your mortgage application, which will include, but is not limited to, an assessment of your ability to repay the mortgage and a satisfactory valuation of the property you wish to purchase.
  2. For joint Save to Buy mortgage applications at least one applicant must hold a Help to Buy: ISA .
  3. We may withdraw or vary the terms of the Save to Buy mortgage, or change the eligibility criteria at any time.

Ending the Help to Buy scheme

  1. The Bonus under the Help to Buy Scheme is paid by the Government. Subject to the Scheme Rules, the Government may vary or withdraw the Scheme at any time.