The Help to Buy: ISA was announced in the March 2015 budget, and arrived at the start of December. It’s a new scheme to help first-time buyers save for a deposit. The Government will add 25% extra to your savings balance, up to a maximum of £3,000 (if the eligibility criteria are met), when you use the money saved towards the purchase of a new home.
Nationwide launched its Help to Buy: ISA product on 1 December. We asked Andrew Baddeley-Chappell, Nationwide’s Head of Policy for Mortgages and Savings, to explain how and why the Help to Buy: ISA initiative was launched, and how Nationwide’s Help to Buy: ISA can help first-time buyers to save for a deposit without compromising other cash ISA savings.