New ISA to help first time buyers
A new type of ISA will provide a financial boost to people saving to buy their first home, the Chancellor has announced during his 2015 Budget statement.
For every £200 deposited into a Help to Buy ISA, the government has pledged to boost it by 25%. This means that first time buyers will receive £50 for every £200 they save towards their house.
There will be a maximum savings limit of £12,000 which would result in account holders receiving a savings bonus of up to £3,000.
there is no minimum monthly deposit amount
the maximum monthly deposit amount is £200
account holders will be able to make a £1,000 initial deposit
accounts are limited to 1 per person rather than 1 per household.
Accounts will be available from autumn 2015 and will be open to first time buyers over 16 years-old.