Help to Buy Isa: 140,000 have already appliedDeposit help for first-time home buyers proving popular
13 January 2016
Around 140,000 people have opened a Help to Buy Isa since it launched in December.
Chancellor George Osborne offered the first glimpse of take-up figures last week in a speech to business leaders in Cardiff.
A Help to Buy Isa offers first-time buyers a 25% government top-up on savings of up to £12,000 when you buy your first home.
Many Help to Buy Isas offer market-leading interest rates, although you can only deposit up to £1,000 initially and a maximum of £200 per month after that.
- For more information on Help to Buy Isas, contact the Which? Money Helpline
- For impartial, expert advice on getting a mortgage, call Which? Mortgage Advisers on 0808 252 7987
Help to Buy Isa rates
Barclays is the latest bank to have launched a Help to Buy Isa, offering customers an interest rate of 2.27% from today.
However, Halifax is currently offering customers 4% interest, which is the best Help to Buy Isa rate on the market - you can find out more about the Halifax Help to Buy Isa with Which? Money Compare.
If you open a Help to Buy Isa but don't end up using the money to buy a house, you'll still qualify for the interest but won't receive the 25% government top-up.
Find out more: compare instant-access Isas
What is a Help to Buy Isa?
Our Help to Buy Isa guide explains more about how the scheme works, who is eligible and how the bonus gets paid - but for an overview of Help to Buy Isas, just watch our two-minute video.
- First-time buyer? Overwhelmed by the whole process? See our comprehensive home-moving hub
- Work out how much stamp duty you'll pay on your property using our stamp duty calculator
- Estimate how much it will cost to move home with our guide on the cost of buying a house
Your home may be repossessed if you do not keep up repayments on your mortgage.
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