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At last, some great news for first time buyers. If you’ve been dreaming of owning your own home but weren’t sure how you could save a big enough deposit, this could be the answer.
On 1st December 2015, the Government launched the Help to Buy ISA aimed at helping first time buyers save for a deposit and get onto the housing ladder.
What is it and how does it work?
It works like a traditional ISA in that you can save and earn interest, without paying tax. Where it differs is that when you are ready to buy your first home, you get an additional 25% bonus directly from the government paid on top of the amount you have saved.