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Help to Buy: ISA

Helping first-time buyers save for a deposit

Based on reviews

Made in Chelsea, in 1856 With over 160 years’ experience matching people and property throughout London, we’re not only one of London’s longest established agents, but also one of the most prevalent.

The best in the business Underpinned by a culture built on energy, agility, professionalism and knowledge, our local teams live and breathe our values. That means we go to great lengths to get the best results for our clients.

Local know-how, better results Our clients benefit from better results because we intimately understand - and are proud to be a part of - the communities in which we operate.

What is a Help to Buy ISA?

To help first-time buyers save a deposit, the government offers Help to Buy ISA accounts, whereby money deposited into the account receives a government boost of 25%, tax-free – restrictions apply. As in all savings accounts, interest is also added to the balance at the rate set by your chosen bank.

Who is eligible for a Help to Buy ISA?

To apply for a Help to Buy ISA, you must be:

Aged 16 or over
A resident in the UK for tax purposes
Be a first-time buyer
Buying a primary residence (i.e. not an investor)

A person can only open one Help to Buy ISA in their lifetime and the money saved can be used on property purchases up to £450,000 inside Greater London and £250,000 outside.

What if I am saving for a deposit with my partner or friend?

If you’re purchasing with another person, you can both save in the same ISA. Each of you will benefit from the government bonus, meaning the amount you receive will be doubled.

What financial requirements are there for a Help to Buy ISA?

The minimum deposit to open an account is £1 and you can save up to £200 per month, with an additional allowance of £1,000 in the first calendar month.

Are there limitations for receiving the government bonus?

To qualify for the government bonus, the minimum saving is £1,600, which will benefit from a £400 top-up. The maximum bonus is £3,000, which is payable on balances of £12,000 and above. As outlined previously, these limitations apply to each person individually.

Who offers Help to Buy ISAs?

Most banks and building societies offer Help to Buy ISAs. It’s worth comparing the options on a site such as Money Supermarket to find the best interest rate. If your chosen ISAs interest rates change, it’s possible to transfer the balance in an existing account to a different provider.

How do I claim the bonus?

Once you’ve saved and are close to offering, instruct your solicitor to apply for the government bonus. The money is received on completion, so cannot be contributed towards the deposit paid on exchange.

For more information on Help to Buy and government schemes available to you, take a look at our articles on Help to Buy Equity Loans and Shared Ownership. If you currently have a Help to Buy ISA and are looking to buy your first property, here are our top properties for sale under £450,000.

Why buy with us?

Over 160 years’ experience matching buyers to their ideal London properties
One point of contact, hundreds of properties for sale across London
People with wonderful properties – a team with experience, energy and excellence
Viewings and appointments at times that suit your schedule
Award-winning customer service every step of the way

Help to Buy schemes

Government-backed schemes to help first-time buyers save for a deposit

Find out more

London area guides

Helping you to find your perfect first home, in a location you love

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Stamp duty

Everything you need to know about first-time buyer stamp duty exemptions.

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Buying advice

Tips and tricks to help you find your next home.

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Sheen Gate Mansions

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This remarkable two-bedroom apartment is located on the first floor of a handsome red brick mansion block in East Sheen. With just shy of 1300 sqft, the property benefits from an abundance of entertaining and living space and it is flooded with natural light. There is a double reception room, two...

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Larkhall Rise

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This lovely studio apartment is situated on the first floor of an impressive semi-detached Victorian house and is fully equipped for a single professional wishing to live in the area. Neutrally decorated, it comprises a reception area with plenty of space for dining and a raised sleeping area, se...

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Leathwaite Road

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This immaculate one-bedroom property benefits from an abundance of storage and wooden floors throughout. There is a spacious double bedroom with large bay windows, a modern bathroom and an open plan kitchen living area comprising a bespoke fitted kitchen complete with breakfast bar. There are bi-...

1/10

Thornlaw Road

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The flat enjoys 1300Sqft of living accommodation. The first floor comprises a large reception room, fitted kitchen, W/C and two bedrooms. The second floor has a master bedroom and a separate bathroom. Further benefits include storage in the eaves and a private garden. Thornlaw Road is located clo...

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Randolph Avenue

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A stunning three bedroom property set on the third floor of this handsome period building (with lift) on a very sought after road in Little Venice. The property has undergone extensive refurbishment and offers three excellent sized double bedrooms, two modern bathrooms (one end suite), a spacious...

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