The UK government's latest help to buy scheme aimed at getting more first-time buyers on the property ladder comes into play on 1 December. Set out in Chancellor George Osborne's March budget, the Help to Buy Isa will allow those saving for a home for the first time to boost their deposit.
The Isa scheme will allow potential buyers to save up to £200 a month, after initially putting away £1,000 in the first month, and the government will add 25% on top of the end balance. But the property being bought cannot be worth more than £450,000 in London and £250,000 for the rest of the UK.
Although Osborne's housing plans have been scrutinised and many have said not enough is being done to battle the ongoing property crisis in the UK, the Help to Buy Isa scheme will be a welcome boost for some who are struggling to get on to the ladder.
The infographic below, provided by Natwest, sets out the basic facts and figures of the Help to Buy Isa scheme.