Example of how the Help to Buy: ISA works
- Open a Help to Buy: ISA on 1st December 2015 and save £1,200 that month
- Set up a regular standing order of up to £200 per month into your Help to Buy: ISA - starting in January 2016
- Save regularly over the next 24 months and build up total savings of £6,000 (including the initial £1,200)
- When you're ready to buy your first home, close your Help to Buy: ISA and give your conveyancer (the party acting on your behalf for your house purchase, i.e. - your solicitor) the closing document. We'll send this to you within 5 business days of closing your Help to Buy: ISA
- Your conveyancer claims for your bonus from the UK Government's administrators. With £6,000 of savings this will be £1,500
- The £1,500 bonus paid directly towards the cost of your first home
