Pete Mugleston | Mortgage AdvisorPete has been a mortgage advisor for over 10 years, and is regularly cited in both trade and national press.
Updated: 4th December 2019 *
*UPDATE: The Help to Buy: ISA scheme closed to new applicants after 30th November 2019. However, there are still options for first-time buyers – for more information, read our guide.
Don’t let a mortgage get in the way of saving for and buying your first home. We hear from hundreds of customers interested in a Help to Buy ISA asking whether their geographic location will affect whether they qualify for one.
This guide includes the key information you need to know about Help to Buy ISAs in England (specifically London), Wales, Scotland and Northern Ireland, and you’ll find the following topics covered below...
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Pretty much. The Help to Buy ISA scheme is available in England, Wales, Scotland and Northern Ireland, and location will have some bearing on whether you qualify for the initiative.
For instance, in London, the scheme can be used by eligible customers who are buying a property worth £450,000 or less, while elsewhere in the UK the cap is £250,000.
Location will also impact the range of Help to Buy ISA mortgages that are available to you afterwards, as there are fewer lenders operating in Scotland and Northern Ireland, in particular, and the ones which do cover these territories tend to have postcode restrictions in place.
Help to Buy ISA in the London area is available and the advisors we work with can help you get the best rates, on both the ISA and the mortgage you’ll be applying for afterwards.
At £450,000, the cap on the price of the property you can purchase with your Help to Buy ISA bonus is nearly double the £250,000 property price cap set for the rest of the UK. If you’d like to apply for a Help to Buy ISA to save for a London area property, the boroughs below are the definition of London and are eligible for the £450,000 property price cap:
City of London
Barking & Dagenham
Hammersmith & Fulham
Kensington & Chelsea
Kingston Upon Thames
Richmond Upon Thames
Anywhere outside of these boroughs will have a £250,000 property price cap for the Help to Buy ISA bonus.
Help to Buy ISA in Scotland
If you want to apply for a Help to Buy ISA in Scotland, there are a range of eligible banks, building societies and credit unions to choose from.
A Help to Buy ISA is available in Scotland through a number of scheme providers. Here are a few of the many mortgage lenders in Scotland who offer Help to Buy ISAs to help first-time buyers get onto the property ladder:
Bank of Scotland
Buckinghamshire Building Society
Chelsea Building Society
Chorley Building Society
Cumberland Building Society
Darlington Building Society
Monmouthshire Building Society
With so many lenders offering Help to Buy ISAs, it can be difficult to know which one to turn to, which is why it’s so important to speak with a whole-of-market broker before applying.
All the expert advisors we work with are whole-of-market with access to mortgage lenders across the whole UK. They will work with you to find the best lender with the best available deal to suit your needs and circumstances.
To apply for a Help to Buy ISA in Scotland you must…
Be saving for your first property.
Be a resident of the UK.
Be 16 or over.
Have a valid national insurance number.
Not already own property elsewhere.
Not have another cash ISA active in the same tax year.
A Help to Buy ISA is a cash ISA and you're only allowed to save into one cash ISA per tax year.
However, even if you have opened a cash ISA this tax year, it's still possible to get a Help to Buy ISA with a few extra steps in the application process.
Speak to one of the specialist brokers we work with for further guidance on the Help to Buy ISAs rules and providers in Scotland. Call 0808 189 2301 or make an online enquiry.
How do I get the best Help to Buy ISA?
If you're saving to buy your first home in Scotland, getting a Help to Buy ISA will significantly boost your savings pot with a 25% government bonus.
There are many good options for getting a Help to Buy ISA in Scotland, but fees, charges, and investment opportunities will vary from one provider to the next. One of the brokers we work with can help you find a government Help to Buy ISA Scotland scheme that would best suit you, and this is the best way to kickstart your application and ensure you end up with the best available table-topping deal.
Help to Buy ISA in Wales
Help to Buy ISA schemes are available to help you save for your first home in Wales. You can apply for the scheme in Wales if you…
Are over 16.
Are saving for your first property.
Are a UK resident.
Have a national insurance number.
Do not already own any property.
However, the property you want to buy must not be over £250,000 and must not be bought as a buy-to-let property.
Contact us to speak to an expert broker who can give you an overview of the providers available to you and help you maximise your savings for your first property in Wales.
Help to Buy ISA in Ireland and Northern Ireland
The same rules apply for getting a Help to Buy ISA in Ireland as for the rest of the UK.
You can place an initial maximum £1,000 deposit when you open your ISA and then save up to £200 per month. The government bonus can be used to purchase properties at a maximum price of £250,000.
Of course, interest rates on your savings will vary depending on the Help to Buy ISA provider you choose, but if you're looking to purchase your first home in Ireland, we’ve got the expertise on hand to match your location and help you get the best Help to Buy ISA on offer in Ireland.
Naturally, Help to Buy ISAs are also available to people saving for their first property in Northern Ireland.
The 25% government bonus added to your savings can be used to purchase a property with a value of up to £250,000.
To find out which banks, societies, and associations provide Help to Buy ISAs in Northern Ireland and get advice on the best offers for interest rates, get in touch and we’ll connect you with an expert broker.
We’ll make sure you speak to a Help to Buy ISA expert who has experience specific to your location and needs.
Speak to a Help to Buy ISA expert
Whether you're looking for a Help to Buy ISA in Wales, Scotland, England, Ireland, or Northern Ireland, we can connect you to an expert mortgage broker who understands the ins and outs of the providers in your region.
Speaking to an expert who has an overview of the market could save you a lot of time and money. The Help to Buy ISA scheme is available to new customers across the UK until the 30th of November 2019 and it can be used for your savings until the 30th of November 2029.
So don’t hesitate to get your Help to Buy ISA with the help of a broker who can give you advice tailored to your savings goals and circumstances. Make an enquiry or call 0808 189 2301 and we’ll refer you to one of the experts we work with for the right advice.
The service we offer is free, there's no obligation and no mark on your credit score.
*Based on our research, the content contained in this article is accurate as of 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 info 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.
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!
Read more about Pete here...
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