More than 1 million aspiring homebuyers have opened Help to Buy ISAs, government-backed savings accounts, designed to help people save money for a deposit to buy their first property.
The tax-efficient savings scheme enables people to put away a maximum of £200 a month towards a first home deposit and offers a government bonus of 25% of the savings pot, with the government willing to contribute up to £3,000.
More than £1.8bn has been saved into the scheme since it was launched by former chancellor George Osborne in 2015, as many existing renters look to get a foot on the housing ladder.
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