As has been widely reported, the Help to Buy ISA has been introduced to aid first time buyers to save up for their deposit.
An eligible purchaser opens up a Help to Buy ISA account and has the ability to save a maximum of £200.00 a month. This would then be topped up by the Government and you would receive a bonus of 25% on top of your savings, which would mean a maximum additional sum of £50.00 per month.
Some Help to Buy ISA accounts have now been cashed in and the bonus claimed. It is estimated that by using the scheme, some buyers have been able to bring house purchases forward by 2 months.
In an age where larger deposits are often required to purchase a property, it is my opinion that the Help to Buy ISA scheme can only be beneficial. Due to the restrictions on the amount that can be saved, it will not be suitable for everyone. However, it provides an additional amount of money to cover some costs at a time when finances can be tight. As they say, every penny counts!
The Help to Buy ISA which gives savers a bonus of 25% on savings towards house purchase has seen it's first first time buyers cash in. One estimate says first time buyers have been able to bring house purchases forward two months earlier than they might have done without it.