First-time buyers are set to benefit from a new “Help-to-Buy” Isa, which offers a tax-free way of saving for a deposit on a new home. For every £200 that saved up towards a deposit for their first home, people in the scheme would receive another £50,
The Government already runs various Help to Buy schemes, which help people up the property ladder, but this is the first to be linked to an individual savings account or Isa.
It is “effectively a tax cut for first time buyers”.