Help to buy ISA is introduced on 1 December 2015 to help people living in the United Kingdom to buy their first home. The government would pay £50 bonus for every £200 you saved and put in your ISA account.
Your initial deposit into your Help to Buy ISA can be up to £1200 and thereafter £200 a month. The bonus is capped at £3000 on £12,000 savings. The bonus is tax free.
You must be 16 years of age, have a valid National Insurance number and a resident in the United Kingdom.
Your first home must be in the United Kingdom. This will be the only property you own and you intend to live there. You are buying your first home with a mortgage.
If your property is in London, the purchase price must not exceed £450,000. Anywhere else in the United Kingdom, your purchase price must not over £250,000.
You may use the ISA calculator to work out how much government bonus you will receive based on the saving you put in your Help to buy ISA account.