What is a Help to Buy ISA?
A Help to Buy ISA is a government scheme designed to encourage those living in the UK to save for a mortgage deposit to buy a home. To quality, you must be a first-time buyer and not own property anywhere else in the world.
Help to Buy ISAs are no longer available, but if you opened your Help to Buy ISA before 30 November 2019, the date new applications closed then you can keep saving into your account and earn a government bonus towards your first home.
As with any ISA product, savings are tax-free. A Help to Buy ISA gives you the added opportunity of earning a government bonus, when you take out a Help to Buy ISA, the government will top up any contributions you make by up to 25% to a contribution limit of £12,000.