From 1 December 2019, we no longer offer Help to Buy: ISAs for new applicants.
For those who opened a Help to Buy: ISA before 1 December 2019, it is a tax free savings account designed for first time buyers (aged 16 or over) looking to save a deposit on their first home.
You could also qualify for an additional government bonus of 25% of your balance when you close the account. This is claimed by your conveyancer and used towards the purchase of your first property. The maximum government bonus is £3,000, based on a balance of £12,000. If you save more, the additional amount will not go towards the bonus. The minimum bonus is £400, based on a balance of £1,600.
The property you’re buying also has to meet certain requirements and must be bought with the help of a mortgage.