Which banks will offer the Help to Buy Isa? Barclays, Lloyds Banking Group, Nationwide, NatWest, Santander and Virgin Money
Barclays, Lloyds Banking Group, Nationwide, Natwest, Santander and Virgin Money are among the banks and building societies which will offer the government's widely anticipated Help to Buy Isa.
Help to Buy Isas, unveiled by chancellor George Osborne in his Spring budget, aim to give first-time buyers a much needed helping hand onto the property ladder.
First-time buyers who want to buy an owner-occupied home worth up to £250,000, or £450,000 in London, will be eligible for the scheme when it launches on 1 December. And once the accounts have been opened, there's no limit on how long people can save.
Read more: How helpful is the help to buy Isa and what does it really offer first-time buyers?
They'll be able to squirrel away a maximum of £200 a month. The government adds 25 per cent to the Isa when it is used as a deposit for a home. The maximum is £12,000 which would result in a £3,000 top-up.
Nevertheless, think tanks have been critical of the scheme saying it will inevitably push up house prices, benefiting first-time buyers and current owners at the expense of everyone else. Others have questioned just how helpful Help to Buy Isas really are when it comes to saving for a deposit.