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Help to Buy ISA calculator

Written By:
Myles Robinson - Expert Finance Advisor

Posted: Aug 8, 2022

Help to Buy ISA calculator

UPDATE: After 30 November 2019, the Help to Buy ISA program was closed to new applicants. However, this does not mean that first-time buyers cannot receive bonuses from the government. More information is available here, continue reading to constitute financial advice.

You might want to know how much you will get in a government bonus after you have saved different amounts if you are already using a Help to Buy ISA or plan to use a lifetime ISA or cash ISA.

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What is the maximum Help to Buy bonus?

We are aware of how popular the Help to Buy ISA program is and many people want to know what the maximum bonus is when they withdraw money. This is evident in the number of enquiries we receive from potential homebuyers wishing to learn more, including the results of any Help to Buy ISA calculators.

Although the official Help to Buy ISA calculator can be very useful, you should consult a qualified mortgage advisor to get a better idea of how large a mortgage loan you might qualify for.

This article provides more information about a possible future mortgage loan using your Help to Buy ISA savings.

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How to calculate if you already have a Help To Buy ISA

Each month, you can pay up to £200 in your savings accounts or ISAS.

When you purchase your first home, the government will increase your savings by 25% up to £3,000

You can also buy with someone who has a Help To Buy ISA Both of you will receive the 25% bonus

The ISA can have the bonus paid until November 2029. The 25% bonus can be claimed until November 2030.

When you purchase your property

You must consider these things when buying a home

  • You can purchase a property for up to £250,000 (or £450,000 in London).
  • Be the sole owner of your home
  • Be where you want to live

An additional 25% will be applied by your solicitor or conveyancer.

It is not necessary to repay the bonus paid by the government scheme.

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What is a Help to Buy ISA Calculator?

The Help to Buy ISA Calculator will help you determine how much government bonus you’ll receive for every dollar you save in your savings account. £1,600 is the minimum amount you can save to receive the government bonus.

You can get a £400 bonus if you are keen to buy a home as soon as possible and wish to make the most of your government bonus. This would allow you to purchase a home with a total of £2,000. This online tool is linked in the following section.

Where can I find a calculator for the Help to Buy ISA bonus?

This Help To Buy ISA calculator will show you that once you have saved £12,000, the highest bonus you could receive is £3,000.

Although knowing that you could get £15,000 to buy your home and the bonus is great, it doesn’t make it easier to determine what size mortgage it might be able to help you secure. A mortgage advisor with experience in Help to Buy ISA mortgages can help you calculate how much a Help to Buy ISA lender may be willing to lend.

Get in touch with our Online Mortgage Advisor to get more information about the amount of mortgage that you might be able to secure using your Help to Buy ISA savings. We’ll connect with you to the right advisor to help secure the best mortgage for you.

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How is my Help to Buy ISA government Bonus calculated?

You can calculate the government bonus that you get on top of the amount you have saved in your Help to Buy ISA by using the official Help to Buy ISA calculator via the link in the section.

It doesn’t tell you how much interest your account could earn.

We have already discussed the maximum and minimum bonus amounts that are available to savers who use a Help To Buy ISA account. The bonus can change between these levels.

If you have £2,500 saved, your first-time buyer ISA calculator will show you a bonus of £625, which would give you a total amount of £3,125. Your bonus would be £1,250 if you have saved £5,000. This gives you a total amount of £6,250. The Help 2 Buy ISA calculator will calculate the bonus that you’ll get regardless of how much savings you make – as long as it exceeds the minimum of £1,600.

Even though you may be eligible for a government bonus of thousands, it doesn’t give you an idea of your home-buying budget. You can learn more about the Help to Buy ISA mortgages available to you.

This is something you should not do alone. A qualified and experienced mortgage broker like the ones we work with can help you do that and give you an idea of what it will cost to purchase a home.

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Is there an interest calculator that I can use to help me buy Help to Buy?

To get an accurate calculation, make an inquiry and talk to an expert advisor. Each provider sets the interest rate for a Help-to-Buy ISA.

Your government bonus won’t earn you interest because you won’t get the funds until your property is purchased. The amount you have saved and the interest generated during the opening of your ISA account determine the calculation of your bonus.


Can a Help to Buy ISA Calculator provide details about potential mortgage repayments

The official Help to Buy ISA calculator does not give any information about the size of the mortgage that you might be able to obtain or the possible mortgage interest rates you could be paying.

You would need to enter the Help to Buy ISA results into a mortgage calculation. However, you won’t be able to get a definitive result as everyone’s situation is different.

An experienced mortgage broker can help you determine the amount of mortgage you might get and how much you have to spend on a home purchase with a Help 2 Buy ISA savings plan.

They are available to answer your questions about the Help to Buy ISA calculation and the Help to Buy ISA mortgages.

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Talk to a broker at Help to Buy ISA about calculators today

You can contact our Online Mortgage Advisor team to learn more about the Help to Buy ISA government bonus calculation and the size of mortgage you could get with your savings account.

Contact us now so you can then relax and let us do the hard work of finding you the best mortgage broker.

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