A Million Help To Buy ISA’s Have Opened Since 2015
More than one million people have signed up for Help to Buy ISA’s since the scheme was launched back in 2015, helping first-time buyers save towards their new home with figures showing that the vast majority who have applied for the scheme have indeed been successful.
This means that first-time buyers have managed to save more than £1.8 billion in their personal ISA’s.
The Government launched the scheme in 2015 and is designed to provide new home buyers with the chance to save upwards of £200 a month. The Government would also assist by topping up the homeowners’ contributions by 25%, which can reach a maximum level of almost £3000.
Stephen Barclay, the Secretary to the Treasury, said: “Our Help to Buy schemes continue to prove hugely popular across the country, as we support people to get on in life and achieve their dream of climbing the housing ladder.”
Many first time buyers across the United Kingdom have the ability to open an ISA. They are available for home purchases of up to £250,000, or £450,00 if you live in London. If two people who are eligible decide to buy a home together, they both become eligible to claim bonus savings on their planned savings. The scheme has grown to become immensely popular.
It is estimated that around 1,500 Help to Buy ISA’s are opened on a daily basis. The number of companies, banks, providers, building societies and credit unions who have all been involved with the schemes has doubled since its induction too.
The savings made in the Help to Buy ISA’s are tax-free. People who choose to become savers can receive an average of 2.4% interest rate. First-time buyers will also be given the option of opening a Help to Buy ISA until November 2019. The scheme is helping millions buy their first home and will continue to improve as time goes on.