Since launching on 1st December 2015, 250,000 first time buyers have opened a Help to Buy: ISA, the equivalent to one person opening an account every 30 seconds.
The landmark government scheme was designed exclusively for first time buyers, to help them save a deposit for their first home.
With the new Help to Buy: ISA the government will add 25% to the monthly contribution made by prospective purchasers. There is no minimum contribution required; however there is a maximum contribution that purchasers are eligible to make of £200 a month, which would qualify for a maximum government contribution of £50 a month, up to a maximum of £3,000.
Data provided by a sample of the banks offering Help to Buy: ISA shows that 75% of the savers who have opened the ISAs are aged 30 and under.
The first homebuyers have also now claimed their Help to Buy government bonus, which means the new Help to Buy: ISA is already helping first time buyers onto the housing ladder.
First time buyers that are looking to get onto the property ladder with a partner can also open a Help to Buy: ISA each, allowing them to combine their bonuses, meaning a potential boost of up to £6,000 towards a deposit for a first home.
The scheme has been welcomed by first time buyers in the North West, as over 25,000 people have taken out a Help to Buy: ISA in the North West of England.
The government is looking to help first-time buyers achieve their dream of owning their own home, which is why it introduced the successful Help to Buy: Mortgage Guarantee and Help to Buy: Equity Loan schemes, which have helped over 100,000 people onto the housing ladder.
If you are looking to purchase your first home speak to us today on 0161 925 3255 to see how we can help.