Help to Buy is ending, what happens to my ISA?
The Help-to-Buy scheme has been hugely successful since launching in 2013, but is coming to an end in March 2023. It is imperative that first-time buyers are aware that the application deadline is October 31st, meaning prospective buyers must reserve their homes by the 31st October 2022. The construction of the property must be signed off by the 31st December 2022 with legal completions finalized and completed by 31st March 2023.
However, this does not mean that your Help to Buy ISA expires. In fact, you can pay in to the ISA until November 2029.
The basics
- If you already have a Help to Buy ISA you can pay in up to £200 each month.
- The government will top up your savings by 25% (up to £3,000) when you buy your first home.
- If you are buying with someone who also has a Help to Buy ISA, both of you will get the 25% bonus.
- You can pay in to the ISA until November 2029, you can claim the 25% bonus until November 2030.
The criteria
When you buy your property, the home you buy must:
- Have a purchase price of up to £250,000 (or up to £450,000 in London).
- Be the only home you own.
- Be where you intend to live.
Please note that your solicitor or conveyancer will apply for the extra 25% .
If you are a first-time buyer, do not panic that you will not be able to buy a home as the Help To Buy equity loan scheme is ending. There are a variety of affordable housing schemes available to help you get on the property ladder. If you are in need of any advice or guidance, speak to a mortgage adviser.
Source: Gov.UK
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE