Halifax is offering a Help to Buy Isa with a rate of 4 per cent, available to first-time buyers over the age of 16 from tomorrow (1 December).
Under the government scheme, deposits are limited to £200 a month, except for the month of opening, when customers can fund the account with an extra £1,000.
The state will add 25 per cent to the closing balance of the account up to a maximum of £3,000 - with a £400 minimum.
The bonus is paid when the account is closed, as part of the conveyancing process.
The account is limited to one per person, but multiple bonuses can be used as a deposit for the same property in the case of joint buyers.
According to a Halifax survey of over 2,000 prospective first-time buyers, almost half (48 per cent) were likely to open a Help to Buy Isa.
The scheme’s launch comes at a time when over half (52 per cent) of would-be first-time buyers cited the size of deposit required as preventing them from purchasing a property, although almost a third (29 per cent) were confident they will be able to buy their own home at some point in the future.
An earlier survey by the lender also revealed that nearly one in three (30 per cent) prospective buyers are prevented from buying a home because they do not think they will be able to get a mortgage.
Two fifths (42 per cent) worried about how long it will take them to save for their first home and almost the same number (40 per cent) were concerned that they will never be able to afford to buy their own home.
Giles Martin, head of Halifax Savings, said it is clear that while some people are still worried about the challenge of saving for a deposit, many see the new Help to Buy Isa as a genuine solution.
At the end of July, the Treasury confirmed that six lenders have signed up to the Help to Buy Isa scheme, available from the start of next month.
Alongside Halifax, these included Nationwide, Barclays, Lloyds Banking Group, Natwest, Santander and Virgin Money.
peter.walker@ft.com
