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@RedLipstick  
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Information about the Help to Buy ISA

Information in Savings Accounts
isa
saving
mortgage
houses

To Include
  • Be information specific to the Help to Buy ISA accounts
  • Where can I take one of these accounts out
  • Do the government help you to put money into a new house?
  • How much do they help with?
  • How much must I save?
  • When do they release the monies?
To Exclude
  • Just be links to pages as I am finding it all hard to understand and overwhelming
Description
Hey errrbady! I'm hoping to buy a property in the future and am just starting out with saving for it. I have heard about a 'help to buy' ISA where the government helps you to buy a house by adding to your savings - can you please give me a step by step guide to these ISAs and links showing where you found the information. Thanks so much
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Alex Bernadette
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@redlipstick, Barcleys Bank have a great guide to the ISA savings account.

Very Simply, you can put up to £1200 into the account when it opens and then save up to £200 per month. The UK government will then pay you 25% of your savings up to £1200.

This is awesome, I wish we had it in the states.
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Updated 1 year ago
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M
Rated: Good
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Hi, here is a great article by MoneySavingExpert.com which walk you through the ISA step by step.


Hope it is what you were looking for!
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Updated 1 year ago
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FunMum
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Hey, I know a bit about this ISA because my sister just used it herself.

Yes you are correct, the government will help you to put down a deposit for a house if this is your first time buying a house, you are 16 or over, are a UK resident ad have a national insurance number.

They will contribute to your savings by 25% up to £12,000 of your savings, is the maximum you can receive is £3000.

There are a few restrictions though, they will only contribute 25% up to £200 per month. So if you save more than £200, the max you will receive per month is an additional £50.

You will open the account with your bank and most major banks are participating in the scheme for example, Santander, Nationwide etc (see the link below for a full list of banks).

Last thing, this guide states that you will receive the money when you are purchasing your house, your solicitor will apply on your behalf and the money will be released when you're ISA is closed. It hasn't been specific about the exact timing i.e before or after the sale. But after researching a bit further, it seems that you are more likely to receive the monies after the purchase (see telegraph article).

Good luck with your savings :)
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Updated 1 year ago
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