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Example of how the Help to Buy: ISA works

Example of how the Help to Buy: ISA works

  1. Open a Help to Buy: ISA on 1st December 2015 and save £1,200 that month
  2. Set up a regular standing order of up to £200 per month into your Help to Buy: ISA - starting in January 2016
  3. Save regularly over the next 24 months and build up total savings of £6,000 (including the initial £1,200)
  4. When you're ready to buy your first home, close your Help to Buy: ISA and give your conveyancer (the party acting on your behalf for your house purchase, i.e. - your solicitor) the closing document. We'll send this to you within 5 business days of closing your Help to Buy: ISA
  5. Your conveyancer claims for your bonus from the UK Government's administrators. With £6,000 of savings this will be £1,500
  6. The £1,500 bonus paid directly towards the cost of your first home

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