Banks offering Help to Buy ISAs named
27/07/2015
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.'
Need financial advice?
If you have any personal finance questions related to this news article, then please contact our financial advisers. You can get in touch by asking a question online, calling us on 0800 092 1245, or by arranging a visit.
Share this..
Related stories
UK government under pressure regarding mortgage benefit cuts
The coalition government is this week under enormous pressure to revisit the recent reduction in mortgage benefit payments which has allowed many people to maintain payments after redundancy. The government has effectively halved the mortgage benefit payments available under the previous Labour government, a move which has potentially dire consequences for those in financial trouble. There is n...
Read MoreMortgage lending under serious pressure
The month of November has seen mortgage lending fall to record lows with a drop of over two thirds from the highs of 2007 with many experts forecasting further falls. Despite a window of opportunity only a few weeks ago in which the property market appeared to be consolidating this small light at the end of the tunnel has gone out. The UK property market now appears to be heading south faster than...
Read MoreLloyds bank encourages mortgage overpayments
In a move which will catch the eye of many consumers in the UK Lloyds bank has revealed customers on variable mortgage rates will be able to overpay up to 20% of their outstanding mortgage loans over the next year. The idea is that more people could take the opportunity to benefit from low UK mortgage rates and effectively reduce their interest payments in the future. It is believed that up to £2...
Read MoreMillion-pound property sales rose 36% last year
Burgeoning house price inflation fuelled a significant increase in the sales of million-pound properties last year, new data has shown. Over the course of 2007, 8,257 properties costing £1 million or more were sold, according to research from Halifax. This represents a rise of 36 per cent compared with the figure of 6,057 recorded in 2006. The areas posting the highest number of sales of high-val...
Read MoreIs it fair to penalise the self-employed and ban self certified mortgages?
Over the last few months there has been a concerted campaign to rid the UK mortgage market of so-called "liar's loans" which are in effect self certified mortgages. These are mortgages taken out predominately by the self-employed, who may have income which is difficult to predict. In simple terms they effectively self certify a mortgage agreement by guaranteeing that the income information which t...
Read More