28 Nov 2019
Time is running out fast for potential first-time buyers in the UK wanting to open a Help to Buy ISA.
The popular scheme closes to new savers at midnight on Saturday.
Failure to open one of these ISAs could mean missing out on up to £3,000 from the Government.
According to the Treasury, more than £285million has already been paid in bonuses to date at an average value of £920 - supporting almost 234,074 property completions worth £40.6billion.
Louise Halliwell, senior savings manager at Yorkshire Building Society, said: "The latest figures show the Help to Buy ISA has proven to be a popular addition to the savings market and is a simple way to save whilst earning a competitive rate of interest and a 25% boost from the Government.
"Whilst there are other types of savings accounts available to those looking to buy their first home, we are urging anyone considering the Help to Buy ISA to open an account before the scheme close."
Savers can start a Help to Buy ISA with just £10 and will be able to pay into them until November 2029, and must claim any bonus by the end of November 2030.
The Help to Buy ISA was launched on 1 December 1, 2015.
It gives people saving for their first home a 25% boost to their savings when they buy a property of £250,000 or less (£450,000 in London).
Savers can deposit up to £200 a month in a Help to Buy ISA, along with £1,200 in the first calendar month, and start to receive the bonus once they have saved £1,600.
This means that, for every £200 saved, first-time buyers can receive a Government bonus of £50.
The maximum bonus of £3,000 is available on savings of £12,000 or more, in addition to whatever interest has been earned.
The Help to Buy ISA is available from a range of banks, building societies and credit unions.
As an estate agent, law firm and independent mortgage adviser, Aberdein Considine offer everything you need to buy your first home - all 'under one roof'.
If you would like to book a free appointment with one of our property experts or mortgage advisers, click here.