Help to Buy ISA Calculator

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Author: Pete Mugleston - Mortgage Advisor, MD

Updated: June 22, 2022

*UPDATE: The Help to Buy: ISA scheme closed to new applicants after 30th November 2019, though this doesn’t mean that first-time buyers can no longer get bonuses from the government. For more information, read our guide.

If you’re already using a Help to Buy ISA to save towards buying your first home, or are planning to, you probably want to get an idea of how much your eventual government bonus will be, after saving different amounts.

We know how popular the Help to Buy ISA scheme still is because we get a lot of enquiries from potential homebuyers who wish to find out more about it, including the results of any Help to Buy ISA calculators.

Even though the official Help to Buy ISA calculator is very helpful, speaking with a qualified and experienced mortgage advisor can give you a more definite idea of what size mortgage loan you could secure.

However, if you would just like more guidance about a potential future mortgage with your Help to Buy ISA savings and bonus, this article will help.

What is a Help to Buy ISA Calculator?

A Help to Buy ISA Calculator helps you understand how much government bonus you will receive for the amount of savings you are able to put into it. The minimum amount of savings you can have and still receive the government bonus is £1,600.

If you’re keen on buying a home sooner rather than later and want to make use of your government bonus, however small, then the government’s official Help to Buy ISA calculator shows you would receive a £400 bonus. That would give you a total of £2,000 towards buying a home. You can find a link to this online tool in the section below…

Where can I find a Help to Buy ISA bonus calculator?

If you’re happy to wait and want to get the maximum government bonus you can, this Help to Buy ISA calculator shows that once you’ve saved £12,000 or more, then the largest bonus you can receive is £3,000.

But, while knowing you could have £15,000 towards buying your home, including the bonus is a great feeling, it doesn’t make it any easier to understand what size mortgage it could help you secure. To calculate or get an idea of how much a Help to Buy ISA mortgage lender might be willing to lend you, it can help to speak with a mortgage advisor who’s experienced in Help to Buy ISA mortgages.

If you would like more information on the size of mortgage you could eventually secure with your Help to Buy ISA savings, then get in touch with Online Mortgage Advisor and we’ll connect you with the right advisor to help you secure the best mortgage you can.

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How is my Help to Buy ISA government bonus calculated?

The amount of government bonus you receive on top of how much you’ve saved in your Help to Buy ISA can be calculated using the official Help to Buy ISA calculator, via the link we’ve included in the section above. But, it doesn’t show you how much interest your account could earn.

We’ve already detailed the minimum and maximum bonus amounts available to savers using a Help to Buy ISA account. However, the bonus does changes in between those levels.

For example, if you have saved £2,500, the first time buyer ISA calculator shows you would receive a bonus of £625, giving you a total of £3,125. If you’ve managed to save £5,000, your bonus would be £1,250 giving you a total of £6,250. As you can see, the Help 2 Buy ISA calculator will also give you the bonus you’ll receive whatever level of savings you achieve – provided its above the £1,600 minimum.

However, knowing you could gain a bonus worth thousands from the government still doesn’t tell you what your eventual home-buying budget could be. For that, you need to find out more about the Help to Buy ISA mortgages that are available to you.

That’s something you shouldn’t research alone. If you speak with a qualified and experienced mortgage broker, like those we work with, they can do all that work for you and give you a clear idea of how much you could eventually have to buy a home of your own.

Is there a Help to Buy interest calculator I can use?

Your best bet to get an accurate calculation is to make an enquiry and speak to an expert advisor. Interest on a Help to Buy ISAs varies and is set by each provider.

You won’t earn interest on your government bonus because you won’t receive the funds until you buy your property. Your bonus is calculated based on the amount you’ve saved up and the amount of interest it generated while your ISA account was open.

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Does a Help to Buy ISA Calculator give details on potential mortgage repayments?

No, the official first-time buyer Help to Buy ISA calculator doesn’t give you any details about the potential size of the mortgage you will be able to secure, or what mortgage interest rates you could pay.

To find that information out you would need to input the results from the Help to Buy ISA tool into a mortgage calculator. But even then you wouldn’t get a definite result because everyone’s circumstances are different.

To gain more certainty over the size mortgage you could get and what you total budget to buy a home when using a Help 2 Buy ISA savings account, an experienced mortgage broker is a great option to utilise.

They can answer any questions you have about your Help to Buy ISA calculations and Help to Buy ISA mortgages.

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Speak with a Help to Buy ISA broker about calculators today

If you’re interested in finding out more about a Help to Buy ISA government bonus calculations and the size mortgage you could secure with your savings, then get in touch with Online Mortgage Advisor by giving us a call on 0808 189 2301 or making an enquiry here.

Then you can just sit back and relax while we do all the hard work of finding the right mortgage broker for your needs.

A Guide to Help to Buy ISAs

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About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

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*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.