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help to buy draft page

Help to Buy

As a potential homebuyer in London, there are two main government schemes that you might be able to access to help you buy your home.

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Help to Buy ISA

London Help to Buy

(You might also have heard of something called the Mortgage Guarantee Scheme, however this will be closing down at the end of 2016and no longer available).

We’ve prepared an overview of each scheme to help you understand if you might be able to benefit from one of them. As the rules change now and then, please be sure to check the official government website [link to] for the latest terms and conditions.

Help to Buy ISA

What is it?

A specialised ISA account for people who are saving to buy their first home. When you purchase your property, the Government will provide you with a bonus worth 25% of the amount you saved in your Help to Buy ISA (up to a maximum bonus of £3,000).
This means that for every £100 you save in your ISA account, the Government will contribute another £25.

Am I eligible?

This scheme may be right for you if:
  • You are a first time buyer
  • The property value is no more than £450,000
  • You have never owned a home before, anywhere in the world
  • You intend to live in the property as your only home
  • You do not intend to sublet or rent out the property
  • You will be using a mortgage to purchase

How do I apply?

You will need to apply for the Help to Buy ISA from any of the banks or building societies that offer the product. A list of providers can be found here. [link to]

Is there anything else I need to know?

  • You can open your Help to Buy ISA with anything up to £1,200 but after that you can only deposit up to £200 per month.
  • The Government bonus isn’t paid into your account - your solicitor or conveyancer will need to apply for the bonus once your purchase your home.
  • When you are ready to access the money in your ISA, you need to inform your ISA provider that you wish to close your account so they can provide you with a closing letter. If you simply withdraw the money yourself, you won’t be able to get the Government bonus.
If you have any more questions, take a look at the official government website [link to]