The government has created the Help to Buy: ISA scheme to help hard-working people save towards their first home. First time buyers can save up to £200 a month towards their first home with a Help to Buy: ISA and the government will boost those savings by 25%. That’s a £50 government bonus for every £200 saved, up to a maximum government bonus of £3,000. The bonus is available for home purchases up to £450,000 in London and up to £250,000 outside London.
Before you submit a bonus request, it is important that you check your client’s eligibility criteria. Detailed information on the Help to Buy: ISA, including eligibility criteria for a government bonus can be found here.