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A Help to Buy ISA is a Government backed scheme aimed at boosting your savings toward buying your first home. If you put money into a Help to Buy ISA the Government will, when you use those savings to buy a home, top up your savings by adding a 25% bonus. The maximum government bonus you can receive is £3,000. The maximum amount you can save into the account is £200 each month.
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If you do not already have a Help to Buy ISA account, then it is too late to open one as the scheme was closed to new accounts at midnight on 30 November 2019. If you have already opened a Help to Buy ISA, you will be able to continue saving into your account until November 2029.
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The Government bonus is not automatically added to your Help To Buy ISA account. It is only paid when you use the savings to buy a qualifying home and is claimed during the conveyancing process. The solicitor acting for you will claim the bonus between exchange of contracts and completion of the purchase. The process takes time and will require action to be taken by you. It is important, therefore, that you tell your solicitor about your Help to Buy ISA as soon as the conveyancing process starts. If you do not and the strict deadlines imposed by the scheme are not met, you may lose the bonus.