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Six major lenders sign up to offer Help to Buy Isa

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Six of the UK’s biggest lenders have signed up to the Government’s Help to Buy Isa scheme.

Barclays, Lloyds, Nationwide, NatWest, Santander and Virgin Money will offer the new savings product from 1 December.

Launched by the Government in the March Budget, the scheme offers savers a 25 per cent bonus if they use those savings to buy their first home.

A maximum of £200 can be saved each month, with the Government contributing up to an additional £50. The maximum Government contribution will be £3,000 per Isa. The bonus is available on homes up to £450,000 in London and £250,000 outside London.

Chancellor George Osborne says: “This Government is determined to help working people, and encouraging the aspiration to home ownership is central to that.

“That’s why I’m delighted that so many British banks and building societies have already signed up to offer the Help to Buy Isa from December, which will reward thousands of people who are working hard to save for their first home by giving them a 25 per cent boost to their deposit savings.

“This is in addition to the 200,000 people helped onto the property ladder by government-backed schemes in the past five years, and the 1.3 million housing association tenants who will be helped by the extension of Right to Buy.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. So what about building more homes Mr Osborne, or are you afraid to burst this crazy bubble?

  2. You can save up to £200 per month, and can put in £1,000 as the start, so to reap the full benefit of this scheme you would need to save up for 55 months (over 4 and a half years) not including interest, so maybe knock a few months off the end. Very clever politics by Mr O and co but probably functionally irrelevant for a good number of those wanting to get onto the property ladder, like myself. Would be better if you could ramp up the amount of saving after a year so that the deposit actually becomes a meaningful sum much quicker.

    I’ll pass thanks.

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