Just as all memories of the “Help to Buy” ISA announced in the last budget were fading, the Treasury has named the first six banks and building societies that will offer first time buyers said “Help to Buy ISA.” The Treasury has confirmed that the list is not intended to be exhaustive and that there is still time for other providers to join the scheme and offer the account to savers.
At the time of going to print, the providers chosen to participate in the scheme are: Barclays, Lloyds Banking Group, Nationwide Building Society, NatWest, Santander and Virgin Money.
While first time buyers will not be able to open an account until the 1 December 2015, anyone wanting to start an account is being advised to start saving now in order to be able to deposit the maximum initial sum of £1,000 on the day it opens.
A quick reminder of how it works:
If you’re a first time buyer, save up to £200 a month towards your first home with a Help to Buy ISA and the government will boost your savings by 25%. That’s a £50 bonus for every £200 you save. You can receive a bonus of up to £3,000.
Once you have opened an account there’s no limit on how you long you can save for. You can make an initial deposit of £1,000 when you open the account – in addition to normal monthly savings of up to £200 a month.
Accounts are limited to one per person rather than one per home – so those buying together can both receive a bonus.
The maximum bonus size is limited to £3,000 per person and will be available on home purchases of up to £450,000 in London and up to £250,000 outside London, the maximum. Basically, if you save £12,000, the government bonus will boost your total savings to £15,000! What’s not to like!
(Accounts will be available through banks and building societies from Autumn 2015).
For more information or to speak to an advisor contact us on 01628 507477.
See our related articles: 'Help to Buy ISA' and 'Happy Birthday Help to Buy'.
Recent posts
Best UK Mortgage Rates this Week
Yesterday
Here are the lowest fixed mortgage rates of the week, available to first-time buyers, home movers, buy-to-let, and those remortgaging.
Call us for more information: 01628 507477 or email: team@mortgagerequired.com.
Different seasons can have a noticeable effect on property prices.
Research from Zoopla shows that spending out on certain features can fetch up to £29,000 during the summer months.
Monday 22nd June saw Keir Starmer resign as Prime Minister and Labour leader. The resignation does not directly impact mortgage rates, as changes were taking place before this announcement. However, it could influence mortgage rates indirectly through financial markets and future government policies.
Homebuying reform to cut homebuying times by around four weeks, and save first-time buyers around £650, says the government.
Buying your first home is a huge milestone, but it can also be a complex process. There are several factors a first-time buyer should consider before making an offer on a property, including understanding the difference between leasehold and freehold and checking council tax bands.
We’ve detailed some questions you can ask your estate agent to help you make an informed decision.
Signs it's time to remortgage
16 days ago
Remortgaging means switching to a new mortgage deal. This will either be with your current lender or a new one.
Getting advice and moving to a new deal when the time is right can mean lower monthly mortgage payments, better interest rates, or releasing equity from your property.
Here are some signs it may be time to remortgage.
According to Nationwide Building Society’s latest House Price Index, house prices dropped 0.6% month on month in May – the first monthly decline this year.
Most Affordable UK Spots for First-Time Buyers
19 May 2026
Research from Lloyds identifies the most affordable areas in the UK for first-time buyers to be able to get onto the property ladder.
More information
Trusted by
