Close a Help to Buy: ISA

You can close your Help to Buy: ISA online or in branch. Your conveyancer will then use your closure statement (valid for 12 months) to claim the Government bonus for use towards your property purchase.

You need to:

• be a first-time buyer
• have had an account open for at least 3 months
• have at least £1,600 in your account.

The Scheme applies to properties in the UK with a purchase price of up to £250,000 outside London and £450,000 within certain London Boroughs as specified in the Help to Buy: ISA Scheme Rules. For shared or joint ownership properties this means the full sale price of the property, not just the cost of the initial share being bought.

For full details of the Scheme Rules, please visit helptobuy.gov.uk/isa or ask us for a copy in branch.

A 25% bonus is paid on balances between £1,600 and £12,000, so the amount of your bonus depends on your balance when closing. The maximum bonus is £3,000.

The Help to Buy: ISA bonus must be claimed by your solicitor or conveyancer before the completion date. The latest date it can be claimed is 1 December 2030.

The bonus needs to be included with the money you transfer on completion of the property purchase.

The bonus can't be used:

• for the deposit you pay when the contracts are exchanged
• to pay for solicitors, estate agent's fees, or similar costs of buying a home

The full scheme rules are on the Government Help to Buy website.

You can:

• Go to a branch with your account details, your passbook (if you have one) and proof of ID.
• Send a secure message in the Internet Bank.

We’ll send your closure statement in the post within 5 to 7 days. You give it to your conveyancer, and they claim your bonus for you, to be used towards the purchase of your property. You can’t claim the bonus in cash.