HM Treasury has announced temporary changes to the Help to Buy ISA scheme rules, in light of the Covid-19 pandemic, which will initially be in force for three months until 30 June 2020.
Of greatest significance to home buyers is the change to the period in which they can claim the bonus. Previously, buyers had 12 months from the date they closed their Help to Buy ISA Account to claim their bonus. This deadline has been extended by three months so that buyers have 15 months from the date they closed their account. For example, if the buyer’s account was closed 11 months ago (March 2019), the buyer will have an additional three months to claim their bonus, thus extending the deadline until July 2020.
This measure should provide a welcome relief for those buyers whose purchases have been delayed as a result of the current situation.
