Help To Buy ISA Key Facts Document Do Ec 273 MAY17
Help To Buy ISA Key Facts Document Do Ec 273 MAY17
Help To Buy ISA Key Facts Document Do Ec 273 MAY17
santander.co.uk
The Financial Conduct Authority is a financial services regulator. It requires us, Santander UK plc, to give you this important information to
help you decide whether our Help to Buy: ISA is right for you. You should read this document carefully so that you understand what you are
buying and then keep it safe for future reference.
This account is subject to availability and may be withdrawn from sale at any time without notice.
This account is a tax-free savings account available to first time buyers purchasing UK properties, government bonus of 25% given towards
the purchase of your first home, subject to Help to Buy: ISA scheme rules which are available at helptobuy.gov.uk/isa
These Specific Terms and Conditions apply in addition to our General Terms and Conditions. Where there are differences, it’s these Specific
Terms and Conditions that apply.
Summary Box
Account name Help to Buy: ISA (Issue 3)
What is the interest AER/tax-free (variable)
rate? Help to Buy: ISA (Issue 3)
Tier Help to Buy: ISA (Issue 3)
for 1I2I3 World or Santander Select customers
£1+ 1.50% 2.00%
Interest is calculated daily and added to this account annually in March. Interest payments don’t count towards the
monthly deposit limit, but do count towards the bonus calculation.
Government bonus
■ To be eligible for the government bonus you must be a first time buyer purchasing an eligible UK property with a
mortgage, and have saved into a Help to Buy: ISA. The government bonus of 25% of the balance held on closure
in your Help to Buy: ISA is paid to your conveyancer when purchasing your first UK residential property that you
intend to live in.
■ Opening a Help to Buy: ISA doesn’t automatically entitle you to a government bonus. It’s only paid on balances
(including interest) from £1,600 up to £12,000. Maximum bonus of £3,000 on a balance of £12,000 and minimum of
£400 on a balance of £1,600 per person applies.
■ The government bonus will be available on home purchases of up to £250,000 outside of London and up to
£450,000 in London*.
■ For any shared and joint ownership property purchases the price caps apply to the full sale price of the property,
not to the percentage value being purchased, e.g. a 50% shared ownership purchase of a property of total value
£300,000 outside of London would remain ineligible due to the £250,000 price cap.
■ The government bonus is paid to the conveyancer before completion when it’s certain that the transaction will
go ahead. It can’t be used for the deposit at exchange of contracts and can only be used at completion, where the
conveyancer will pay the bonus to the seller as part of the purchase price.
Can Santander change Yes, the rate can go up or down e.g. in response to industry and market conditions. If the rate goes down, we’ll let
the interest rate? you know around 14 days before the rate changes.
Cancellation period A 14-day cancellation period applies. If within 14 days of opening, this account no longer meets your needs, the account
can be cancelled and the money will be returned to you in full with interest and without penalty. If you transfer in funds
from your existing ISA and subsequently cancel the account, your existing ISA provider may not accept the return of the
ISA funds. In this case you can either continue to save with us or transfer your ISA in full to another ISA provider. You’ll
need to contact your new ISA provider to arrange the transfer. If you don’t exercise your right to cancel, the cash ISA will
continue with us.
Closing the account You can close this account at any time by:
■ visiting any Santander branch; or
■ calling us on 0800 587 3344; or
■ writing to Santander, Account Closures, PO Box 1109, Bradford BD1 5ZL.
If you’re closing your Help to Buy: ISA and want to take advantage of the government bonus you must request a full closure
of your Santander Help to Buy: ISA 30 days before you expect to complete your property purchase. A closing statement will
be given to you within 7 working days of full closure of the account, you’ll have to provide your conveyancer** with your
closing statement. Your conveyancer will only be able to apply for a bonus on your behalf within 12 months of the date of
closure. If the purchase of your house falls through, you will be entitled within 12 months of the closure of the account to
re-open your closed Help to Buy: ISA and re-deposit the funds removed at closure. Funds must be re-deposited in full.
This is subject to you providing us with a Purchase Failure Notice which will be provided by your conveyancer.
In cases where it isn’t possible to request closure 30 days before the expected completion date, there is an
alternative process that your conveyancer can progress for you. Please contact your conveyancer for further details.
If the account holder dies, please let us know. You can call our dedicated bereavement team on 0800 587 5870 (lines
are open 8am to 7pm Monday to Friday, and 9am to 2pm Saturday), visit any branch, or write to us at: Bereavement
Centre, PO Box 524, Bradford BD1 5ZH. The account must be closed in the event of the account holder’s death. No
other individual will be entitled to make a claim for a bonus in respect of funds held in the Help to Buy: ISA.
Account voiding You can only hold one Help to Buy: ISA at any one point in time. If the administrator becomes aware that you hold
more than one Help to Buy: ISA they’ll advise Santander to convert the invalid Help to Buy: ISA to a cash ISA. On
receipt of this instruction Santander will convert your Help to Buy: ISA into a cash ISA.
*Houses in the following Boroughs will be defined as ‘London’ for the purposes of the scheme; The City of London, Camden, Greenwich, Hackney,
Hammersmith and Fulham, Islington, Kensington and Chelsea, Lambeth, Lewisham, Southwark, Tower Hamlets, Wandsworth, the City of Westminster,
Barking and Dagenham, Barnet, Bexley, Brent, Bromley, Croydon, Ealing, Enfield, Haringey, Harrow, Havering, Hillingdon, Hounslow, Kingston upon
Thames, Merton, Newham, Redbridge, Richmond upon Thames, Sutton and Waltham Forest.
**A conveyancer is a specialist lawyer who specialises in the legal aspects of buying and selling property.
SAVE 0645 MAY 17 H
The tax-free rate is the rate of interest payable where interest is exempt from income tax.
AER stands for Annual Equivalent Rate and shows what the interest rate would be if we paid interest and added it to your account each year.
Santander UK plc. Registered Office: 2 Triton Square, Regent’s Place, London, NW1 3AN, United Kingdom. Registered Number 2294747. Registered in England and Wales. www.santander.co.uk. Telephone
0800 389 7000. Calls may be recorded or monitored. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our
Financial Services Register number is 106054. Santander and the flame logo are registered trademarks.
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Eligible deposits in Santander UK plc are protected by: the Financial Services Compensation Scheme (‘FSCS’)1
If you have more eligible deposits at the same bank: All your eligible deposits at the same bank are ‘aggregated’
and the total is subject to the limit of £85,000.2
If you have a joint account with other person(s): The limit of £85,000 applies to each depositor separately.3
To contact Santander UK plc for enquiries relating to For all Santander accounts except Business Banking
your account: 0800 389 7000
For Business Banking accounts: 0800 068 7010
To contact the FSCS for further information on compensation: Financial Services Compensation Scheme
10th Floor, Beaufort House,
15 St Botolph Street, London EC3A 7QU
Tel: 0800 678 1100 or 020 7741 4100
Email: [email protected]
Additional information In some cases eligible deposits which are categorised as ‘temporary
high balances’ are protected above £85,000 for six months after the
1
Scheme responsible for the protection of your
amount has been credited or from the moment when such eligible
eligible deposit
deposits become legally transferable. These are eligible deposits
Your eligible deposit is covered by a statutory Deposit Guarantee connected with certain events including:
Scheme. If insolvency of your bank, building society or credit union
should occur, your eligible deposits would be repaid up to £85,000 by (a) certain transactions relating to the depositor’s current or
the Deposit Guarantee Scheme. prospective only or main residence or dwelling;
2
General limit of protection (b) a death, or the depositor’s marriage or civil partnership, divorce,
retirement, dismissal, redundancy or invalidity;
If a covered deposit is unavailable because a bank, building society
or credit union is unable to meet its financial obligations, depositors (c) the payment to the depositor of insurance benefits or
are repaid by a Deposit Guarantee Scheme. This repayment covers compensation for criminal injuries or wrongful conviction.
at maximum £85,000 per bank, building society or credit union. This
More information can be obtained under http://www.fscs.org.uk
means that all eligible deposits at the same bank, building society or
credit union are added up in order to determine the coverage level.
If, for instance a depositor holds a savings account with £80,000 and
a current account with £20,000, he or she will only be repaid £85,000.
This method will also be applied if a bank, building society or credit
union operates under different trading names. Santander UK plc also
trades under cahoot and Santander Corporate and Commercial Bank.
This means that all eligible deposits with one or more of these trading
names are in total covered up to £85,000.
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Santander UK plc. Registered Office: 2 Triton Square, Regent’s Place, London, NW1 3AN, United Kingdom. Registered Number 2294747. Registered in England and Wales. www.santander.co.uk. Telephone
0800 389 7000. Calls may be recorded or monitored. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our Financial
Services Register number is 106054. Santander and the flame logo are registered trademarks.