Glossary · UK
What is Help to Buy?
Closed UK government scheme — Equity Loan ended 2023, ISA closed to new accounts 2019.
Full Definition
Help to Buy was a UK government programme to help first-time buyers. Two main schemes existed: (1) Help to Buy: Equity Loan — government lent up to 20% (40% in London) of a new-build property's value, interest-free for 5 years. This scheme ended in March 2023 in England (separate Welsh and Scottish versions also closed). (2) Help to Buy ISA — savings account with 25% government bonus on top of £12,000 max savings (max £3,000 bonus). Closed to new accounts in November 2019; existing accounts can save until November 2029 and claim bonus until December 2030. The Lifetime ISA largely replaced Help to Buy ISA.
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Disclaimer: Definitions are for guidance only. For decisions about your tax, savings, property or pension situation, always consult a qualified professional or refer to gov.uk.