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Help to Buy ISA deadline

Written By:
Myles Robinson - Expert Finance Advisor

Posted: Aug 8, 2022

Help to Buy ISA deadline

The help to buy ISA deadline was 30 November 2019.

The government bonus help to buy ISA account scheme was closed to new applicants. If you are a first-time buyer, however, you cannot save for a deposit without a 25% government top-up continue reading to see what other help is available to you.

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Your options now the deadline for Help to Buy has passed

This article will discuss the Help to Buy ISA providers Scheme now that the deadline has passed. We’ll also explain what it means if this ISA is already in your name before 30th November 2019 and what your options are if your goal is to save for your first property purchase.

Send an enquiry if you need advice on your Help to Buy ISA or how to use it. We’ll match you up with an expert to help you.

They will be happy to answer your questions about the scheme as well as advise you on how to best use it once you are ready to purchase your first home.

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What was the deadline to submit Help to Buy: ISA applications

You could not open this ISA after Saturday 30 November 2019.

Some banks and building societies have closed their Help To Buy ISA applications earlier than expected. Santander closed its applications on Thursday 28th November, two days before the official deadline.

Natwest and Nationwide had branches that were open up to 30 November. They offered the same variable interest rate at a 2.5% AER variable.

Send an enquiry if you need to know more about alternatives to the Help to Buy ISA or other programs that can help you save money for a property. Our expert brokers can help you get the best mortgage deal for you.

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How can I apply for a Help To Buy: ISA before they close down?

You can’t apply for a Help To Buy ISA. If you are 16 years old or older and have never owned a property, you could apply for one.

There were no credit checks and no affordability requirements that you had to meet, just like any other ISA. If you were curious if a Help To Buy: ISA had affected your credit rating, it won’t.

Did you miss out on a Help To Buy: ISA You still have options, the good news is.

Our advisors can help you find alternative programs for first-time buyers and answer your Help to Buy: ISA queries. They can help you find the right lender to apply for your mortgage.

What happens after the deadline?

After the deadline, anyone with a Help To Buy: ISA account can still contribute to it up to November 2029 and you can also claim your bonus up to December 2030.

You can withdraw your money at any time during that period. However, if you want to withdraw the entire amount from your ISA account you will need to contact the provider.

Make an enquiry if you are ready to apply for a mortgage and claim your bonus. We’ll connect you with an expert broker to help you find the best deals.

Is the deadline in Scotland the same?

Yes, the deadline to submit Scotland was 30th November 2019.

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Is Help to Buy Equity Loans also closing?

Yes, the Help to Buy: Equity Loan scheme will close to new applicants in March 2021. A new scheme will replace it from April 2021 through March 2023.

This scheme is currently only available to a new build in England or Wales. After you have paid a 5% deposit and obtained a 75% mortgage, the government will give you a 20% equity loan (or 40 if you are in London).

Only first-time buyers will be eligible for the new scheme. Property prices will be limited based on where you live.

Can I combine my Help To Buy: ISA and Equity?

Yes. You can use your Help To Buy: ISA account to contribute 5% to your deposit.

A £9,000 deposit would be required for a build that costs £180,000. With a Help To Buy: ISA, you can save up to £4,250 (£3,400 of your contributions plus an £850 bonus). The £3,400 can be used for your initial deposit. If you and your partner save for one year, you would have £6,800 to use towards your deposit and a £1,700 bonus.

To learn more about how to obtain a Help to Buy: Equity mortgage, send us an enquiry. We’ll match you up with an expert to have a no-obligation chat.

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I am too late to get a Help To Buy: ISA. Is there anything else I can do?

You can still claim a 25% bonus from the government for your first home – you will be eligible to receive a Lifetime ISA Savings Account.

A Lifetime ISA is similar to a Help To Buy: ISA. You can save up to
£4,000 each tax year and get a maximum bonus of £1,000 (25% off £4000).

This can be used to purchase your first home. However, unlike a Help To Buy: ISA you can also keep a Lifetime ISA afterwards and use it for retirement savings.

has more information on Lifetime ISA Savings accounts and how to open them.

Is there a Forces Help to Buy deadline

Yes, it is. However, it has been extended for three more years, to 31st Dec 2022.

This scheme allows Armed Forces personnel to obtain a loan of up to 50% of their wages for their deposit and any associated fees. The loan is interest-free and can be extended up to £25,000 if the applicant meets the requirements. Has more information on mortgages for Armed Forces personnel.

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Can I convert my existing Help To Buy: ISA to a Lifetime ISA

Absolutely. Yes. You can transfer all or a part of your Help To Buy: ISA funds to an ISA. However, you cannot add more than £4,000 to the LISA per year.

Although there is no deadline to convert your Help to Buy ISA to a Lifetime ISA – and it is not mandatory whether you do it or not – it might be wise to transfer your funds to a LISA if you plan to use your savings prior to the Help to Buy ISA scheme closing off to the payment of a bonus in 2030.

Make an enquiry if you are unsure about the best course of action. The brokers we work with will discuss all options with you and match you up with the lender that suits your needs.


How can I use my Help to Buy ISA for my first house?

Your Help to Buy: ISA can only be used to buy a home for a maximum value of £250,000 or £450,000 in London.

You can combine Help to Buy: Isas with your partner to make a higher deposit for your joint mortgage application.

You typically exchange contracts when you make an offer on a property. This is usually between 7 and 28 days before the closing date (move-in day). Once you have told your provider that you are closing your Help to Buy ISA, your solicitor or conveyancer will apply for the bonus and then hand over your deposit to your mortgage lender.

There is however a catch when you want to use your government bonus towards your first deposit. For more information, see below.

There are potential problems with your initial deposit

The problem with the Help to Buy ISA is the 25% bonus you earn on your savings that won’t go towards your initial deposit. It will be given to you only after the sale has been completed.

The bonus will be applied towards your mortgage costs, such as your mortgage payments. Unfortunately, it cannot be used as part of your main deposit. This was done to prevent people from obtaining the bonus without buying a house.

Many people are confused and uneasy about what type of mortgage they can get without a bonus government. Don’t worry, there are experts who can help you find mortgage deals that require a smaller deposit amount.

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Can I still get a great deal on a mortgage without putting down a larger deposit?

Absolutely. Our experts are experts in finding the best rates for people with different circumstances. They can also help you find lenders that accept lower deposit amounts.

Contact us for more information on securing mortgage financing with a lower deposit. We will match you with an expert to provide impartial, free advice based on your situation. There is no obligation to proceed.

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Talk to an expert about how to buy an ISA mortgage

Contact us to learn more about Help To Buy ISAs and your options.

Then, we’ll match you up with a mortgage expert to have a no-obligation chat tailored to your needs. Your credit score will not be affected.

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