Property specialist Richard Carr has previously hailed the government’s initiatives to assist first time buyers and is pleased to see people taking advantage of the government’s Help to Buy deposit saving financial product.
250,000 sign ups
The initiative, launched in December 2015, has seen over a quarter of million people open up one of the financial products. Encouragingly, more than half of those signups were made my people aged 30 and under.
The scheme allows savers to be given a maximum of £3,000 by the government to help them purchase their first home. Savers can put away £200 a month into the dedicated ISA with the government topping it up by 25%; the first bonus was paid to savers this week who opened up an account in December.
For couples aiming to save for their first home, individual accounts can be opened which amounts to a potential boost of £6,000.
Other Help to Buy schemes such as the mortgage guarantee and equity loan have also proven popular with over 100,000 home buyers involved.