The new product has been specifically designed to support people looking to buy their first home and allows savers to put away up to £200 a month, which the Government will boost by 25 per cent when they buy their home, up to a maximum of £3,000. In the first month, savers will be able save £1,200, an extra £1,000 on top of the monthly maximum of £200.
In addition to this, savers who either have an existing cash ISA with Aldermore for the current tax year or who intend to open one; can additionally open a Help to Buy: ISA from 1 December too (providing their maximum annual contribution does not exceed £15,240). Alternatively, the Bank can also accept transfers from other ISA providers.
The launch follows recent research conducted by Aldermore showing awareness of the Help to Buy: ISA is highest among 18-24 and 25-34 year olds. Encouragingly, the same age groups said the forthcoming changes in the savings industry will encourage them to save significantly more than other age groups.
Almost half (48%) of the UK believe the introduction of the Help to Buy: ISA will have significant benefits, compared to 27 per cent who don’t think it will.
Simon Healy, Managing Director for Savings at Aldermore, said:
“I am delighted to confirm we will be launching a Help to Buy: ISA to support first time buyers across the UK to save for that all important deposit. We have seen from our own research that there is real appetite for the new Help to Buy: ISA and this product will be the first step for many looking to buy their first home.
“We all know how difficult it is, saving for your first home and I hope that many people looking to get on to the housing ladder will take advantage of this opportunity to significantly increase their savings. To ensure that our Help to Buy ISA is available to as many people as possible, we will be offering the product to those who have already opened a Cash ISA, in this tax year, but have not taken advantage of their full ISA allowance.”
For further enquiries, journalists can contact:
Adam Taylor, Cicero Group
Phone: 0207 297 5971
Rachael Snelling, Aldermore
Phone: 0208 1853 102
Notes to Editors:
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,068 adults. Fieldwork was undertaken between 15th-16th September 2015. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
For further information about Aldermore, our financial backers and our PR contacts, please review our Notes to Editors page.