The treasury has confirmed that the Help to Buy ISA is now available from six different lenders, and will become available on 01 December 2015.
Lloyds, Santander, Barclays, Nationwide and Virgin Money will all be involved in the scheme and allow people to take on a Help to Buy ISA through them.
The new scheme was announced in March by Chancellor George Osborne, and it encourages first time buyers to save by using government funds to match 25 per cent of the amount saved in each ISA.
Savers can deposit £1,200 in the ISA on opening it, and a further £200 each month following.
Steven Cooper, the Chief Executive for Personal Banking at Barclays, said: “We are fully supportive of the government’s new initiative which will help even more people to secure their first mortgage and home.”
The Help to Buy ISA will definitely help people to save, although whether it will help enough people purchase a home to affect the overall housing market and make it a more hospitable place for first time buyers will only be seen after the scheme becomes available.