It is designed to work with the grain of the existing Isa products.

In broad terms, people putting money towards their first home through a Help to Buy Isa will be able to save up to £200 a month into their account.

The government will then top up this amount, capped at a total of £3,000 on £12,000 of savings.

First-time buyers will receive the government bonus at the point they are ready to buy their first home.

This guide will explain how the Help to Buy Isa works, who the scheme is designed to assist and alternatives.

Supporting material from: HM Treasury; Council of Mortgage Lenders; Money Advice Service; Money.co.uk; Giles Martin, head of savings at Halifax; Simon Checkley, managing director of Private Finance; David Ingram, founder of mortgage adviser directory MyLocalMortgage.co.uk; Zack Hocking, head of savings at Virgin Money; and Anna Bowes, director of Savingschampion.co.uk.