The Institute of Financial Services (IFS) the professional body for financial and mortgage advisers, today, expressed its support for the Help to Buy: ISA scheme.
Commenting on the Help to Buy: ISA announced by Chancellor George Osborne in his Budget 2015 speech today, Phil Hall, special adviser to the IFS said:
“Any proposal that helps people save towards their first home should be welcomed and so today’s Budget announcement of a “Help to Buy ISA” should be praised.
Those saving the maximum £12,000 in this ISA will receive an additional £3,000 bonus from the Government and it’s important to remember these accounts are available on a per person basis NOT per household. This means that a couple buying a house together can receive up to £6,000.
When you consider this new ISA in combination with the existing Government Help to Buy scheme, which enables people to buy a home with a 5% deposit, the prospects for first time buyers are looking up in this challenging market.”
Read more details about the new addition to the Help to Buy scheme in our story, giving the details about rules and requirements for opening and saving into a Help to Buy ISA.
Full details about the new scheme are available online in the HM Treasury’s outline of the scheme.
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