When does the Help to Buy ISA End?

Thursday, February 8th, 2018 Mortgage


The governments help to buy ISA ends officially on the 30th November 2019. You can still claim on the scheme until 1st December 2030 however.

The Help to Buy ISA scheme started on 1st December 2015, it was an initiative devised by the conservative government and announced by the then chancellor of the exchequer, George Osbourne in his March budget speech. It promised to make affording a new home more affordable, and pledged to offer you 25% of your savings each month (up to £50) as a bonus. Additionally, you were able to earn interest on your savings (prior to the bonus), with several high-street banks offering tempting rates to entice new customers to sign up.

Within the fine print however it was discovered that this bonus could not be used as part of the deposit, and could only be claimed after you had raised the required deposit in its entirety.

 

What is the Help to Buy ISA bonus used for?

The Help to Buy ISA bonus can be used to pay for solicitor fees, which can be a very expensive step often overlooked. For each Help to Buy ISA being claimed, there is a small fee charge by the solicitor (roughly £60) in order to claim this bonus. Alternatively, the bonus can be taken as a cheque to be used on whatever you feel necessary.

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