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Banks offering Help to Buy ISAs named


Some of the banks and building societies that will be providing the governments Help to Buy ISA have been named. They are:

• Barclays
• Lloyds Banking Group
• Nationwide
• NatWest
• Santander
• Virgin Money

Each of these banks has confirmed that they will be offering the help to buy ISA from December 2015, which was created by the government to help first time buyers save up for a deposit for a house. First time buyers will be able to save up to £200 a month in the dedicated ISA and the government will top this up by 25%, up to a maximum of £3,000. First-time buyers purchasing an owner-occupied home worth up to £450,000 in London or £250,000 in the rest of the UK will be eligible for the ISA.

The industry has said that the scheme should run alongside the creation of more houses, as first time buyers face a tougher time now than in the past. Recent figures from the Office for National Statistics have shown that a typical first-time buyer faces paying 5.1% more for a property than they did a year ago. The average price paid for a starter home in May was £211,000.

Chancellor George Osborne said:
'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.'

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