Fourteen banks and building societies have now signed up to offer Help to Buy ISAs ahead of the scheme's launch next month, the Chancellor has announced.
HSBC, Aldermore, Clydesdale Bank and Newcastle Building Society are the latest providers to say they'll offer Help to Buy ISAs from 1 December, George Osborne says.
Barclays, Bank of Scotland, Halifax, Lloyds, Nationwide, NatWest, Santander, Ulster Bank, Virgin Money and Yorkshire Bank are already on the list of those who have confirmed they will take part.
Osborne says: "It is great news that four more firms have joined the scheme – improving competition and giving consumers more choice when saving for a new home."
Under the scheme, first-time buyers saving for a deposit will be able to put up to £200 a month in a dedicated ISA that the Government will top up by 25% – meaning a £50 bonus for every £200 saved.
For full information on how the scheme will work, see MoneySavingExpert.com's Help to Buy ISAs guide. Here are the key points in brief:
- To qualify for a Help to Buy ISA, you must be a UK resident aged 16 or over buying your first property.
- The property must be in the UK, and cost up to £250,000, or up to £450,000 if you're buying in London. It must not be bought as a buy-to-let property.
- To kick-start the account, first-time buyers can deposit a one-off lump sum of up to £1,000 in addition to the monthly £200 maximum deposit.
- The maximum government bonus someone can receive is £3,000, which means they will need to have saved £12,000.