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 on your behalf by a solicitor or conveyancer before the completion date. The bonus needs to be included with the funds consolidated at the completion of the property transaction. The bonus can't be used for the deposit due at the exchange of contracts, to pay for solicitors, estate agent's fees or any other indirect costs associated with buying a home.

The full scheme rules are available to view 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.

Your closure statement is valid for 12 months. If your completion is delayed for more than 12 months, your conveyancer can apply for a purchase failing note from UKAR Corporate Services who are the scheme administrator. When you give us the note, we’ll then release the funds.