When you are ready to buy your first home you must request to close your Help to Buy: ISA. You can do this by giving written notice to your branch either by post or by handing it in. Any withdrawals you make before closing your account will reduce the value of the bonus you can claim.We will then arrange to close your account, which can take up to 5 working days.
Within 5 working days of your account being closed, we will send you a Closing Document, which your conveyancer (the party acting on your behalf to purchase the property) will need to claim the bonus from the UK Government. You have up to 12 months from closing your Help to Buy: ISA to claim your bonus but this should be done as soon as possible to make sure the bonus is received before you are due to complete the purchase of your new home.The bonus will be paid directly to your conveyancer, who will add it to your deposit and mortgage funds to make up the total purchase price of your new home.
Please note your closing balance must be at least £1,600 in order to obtain a bonus, so opening an account does not guarantee you will be entitled to a bonus. The maximum bonus you can earn is £3,000.Additionally, there is a maximum property price beyond which a bonus will not be payable.
For more information on the Help to Buy: ISA Scheme (including how to claim your bonus from HM Treasury), please refer to the Help to Buy: ISA Scheme Rules at www.helptobuy.gov.uk/isa.