Since the 2015 launch of Help to Buy ISAs, over one million accounts were opened helping first time buyers get on the property ladder by saving more than £1.8 billion.
The Government led initiative aimed at helping first time buyers to save up to £200 a month, with a top up from the Government up to a maximum of £3,000. As the account is an ISA all savings are tax-free. Interest rates are attractive too with an average of 2.4 per cent.
Anyone looking to purchase a home with someone who qualifies for the scheme, both parties can claim the bonus on their savings.
Stephen Barclay, Secretary to the Treasury said, “Our Help to Buy schemes continue to prove hugely popular across the country, as we support people to get on in life and achieve their dream of climbing the housing ladder.”
Since the scheme was introduced in 2015 its popularity has not diminished with approximately 1,500 Help to Buy ISAs opened every day. Providers who offer Help to Buy ISAs has also increased over the years. Current Help to Buy ISA providers are:
- Bank of Scotland
- Buckinghamshire Building Society
- Chelsea Building Society
- Chorley Building Society
- Clydesdale Bank
- Cumberland Building Society
- Darlington Building Society
- Monmouthshire Building Society
- Norwich &Peterborough Building Society
- Penrith Building Society
- Polish Credit Union
- Progressive Building Society
- Newcastle Building Society
- Nottingham Building Society
- Tipton and Coseley
- Ulster Bank
- Vernon Building Society
- Virgin Money
- Yorkshire Bank
- Yorkshire Building Society
The scheme is open to first time buyers in the UK for home purchases up to £250,000 or £450,000 for property purchases in London.
It’s not too late, first time buyers can still open a Help to Buy ISA as the closing date for applications is 30 November 2019.