The Help to Buy ISA was a government scheme that boosted first-time buyers' savings with a 25% bonus (up to £3,000 on £12,000 saved). It closed to new applications in November 2019.
Existing accounts
If you already have a Help to Buy ISA, you can continue saving into it until November 2029 and claim the bonus until November 2030.
The Lifetime ISA (LISA)
The Lifetime ISA replaced the Help to Buy ISA for most first-time buyers. You can save up to £4,000 per year and the government adds a 25% bonus (up to £1,000 per year). The LISA can be used to buy a first home (up to £450,000 purchase price) or for retirement from age 60. There is a 25% withdrawal penalty if you take the money for other purposes (which effectively returns you to your original amount minus a small loss).
This is general information, not financial advice. Consult a mortgage adviser or financial planner for personalised guidance.