250,000 Sign up for help to buy ISA's

The Government’s Help to Buy ISAs savings scheme for first time buyers is proving very popular, with a quarter of a million people opening one of these products since their launch in December 2015. More than half of the first time buyers opening an ISA are aged 30 or under.

All the savers were awarded a Help to Buy bonus to their savings in February. The Help to Buy ISA aims to help first time buyers save for a deposit for their first home and get them onto the housing ladder.

The scheme gives first time buyers the opportunity to save up to £200 a month in a dedicated ISA that the government tops up by 25%, up to a maximum of £3,000. First time buyers can also open their account with a one-off lump sum of up to £1,000 in addition to the monthly maximum. And couples buying together will be able to combine their bonuses, meaning a potential boost of up to £6,000 towards a deposit for a first home.

The government’s other schemes, the Help to Buy mortgage guarantee and Help to Buy equity loan, have also been popular with over 100,000 buyers involved.