The Help to Buy ISA launched onto the savings scene in 2015, after they were announced in the 2015 Budget. Money saved in this account can be boosted with a 25 percent government bonus – however the deadline for opening this type of account was last November.

In order to kickstart the account, the saver can deposit a lump sum of up to £1,200 in their account in the first month.

The minimum government bonus for a Help to Buy ISA is £400, and this means that a person needs to have saved at least £1,600 in the account before they can claim the 25 percent.

In order to get the maximum bonus, £12,000 must have been saved in the Help to Buy ISA.

The bonus is not immediately received by the saver after the money is put into the account.

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Instead, when the first-time buyer is close to purchasing their first home, they will need to instruct their solicitor or conveyancer to apply for the government bonus.

There are a number of eligibility rules to qualify for the government bonus.

So, while it may be possible for a saver to have opened and saved into a Help to Buy ISA, they’ll need to be aware that there are further conditions to fulfil in order to get the government bonus.

This includes the property having a purchase price of up to £250,000 – or up to £450,000 in London.

A Lifetime ISA has a number of different rules to the Help to Buy ISA.

This includes the maximum the property can cost.

For a Lifetime ISA, the property must cost £450,000 or less.

It must also be bought with a mortgage, be purchased at least 12 months after the Lifetime ISA was opened, and a conveyancer or solicitor must act for the buyer in the purchaser.