Mortgages  

Help to Buy Isa taken out by 250,000 since launch

Help to Buy Isa taken out by 250,000 since launch

A quarter of a million people attempting to buy their first home have opened a Help to Buy: Isa since the scheme was launched in December, HM Treasury reported.

This is equivalent to one person opening an account every 30 seconds, or more than 3,000 a day, with more than half of those who opened one of the accounts aged 30 or less.

The first homebuyers have also claimed their government bonus this week.

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Chancellor George Osborne said: “Last year I announced further help for first-time buyers with the new Help to Buy Isa and I’m delighted that a quarter of a million people have already taken advantage.

“It is all part of our plan to back working people who are doing the right thing and saving for their first home.”

Chorley Building Society has announced it will offer the Help to Buy Isa from the 8 February, taking the number of providers offering the product to 15.

Launched by Mr Osborne at last year’s March Budget, the Help to Buy Isa gives first-time buyers the opportunity to save up to £200 a month in a dedicated account that the government will top up by 25 per cent up to a maximum of £3,000.

First-time buyers eager to make the most of the scheme can also open their account with a one-off lump sum of up to £1,000 in addition to the monthly maximum.

This week the new Help to Buy London scheme was also launched.

Help to Buy London gives first-time buyers the opportunity to buy a home in the capital with a deposit backed by a 40 per cent equity loan from the government that is interest free for the first five years.