"Currently the scheme is due to end for new applications on 30 November 2019"
The Help to Buy ISA was launched in December 2015 and was designed to help first-time buyers who open an account before 30 November 2019 to save for a house deposit.
Since its launch, more than 196,000 savers have been supported in building their deposit by taking out a Help to Buy ISA, claiming an average of £800 in Government contributions.
Although the Help to Buy ISA is due to be withdrawn in the next year, savers have until 1 December 2030 to claim the bonus. This means that if there is no extension, Help to Buy ISA savers have only between now and 30 November 2019 to open an account and ensure they can still benefit from the scheme.
According to Nationwide data, it now takes 6.5 years on average for a first-time buyer in the UK to save at 10% deposit of £18,480, but the Help to Buy ISA allows the average buyer to get on to the housing ladder two years sooner.
Tom Riley, Nationwide’s director of savings, said: “Home ownership continues to be a desire for many people, but saving for the deposit remains the biggest challenge for those hoping to secure a home of their own. The existing Help to Buy ISA scheme offers flexibility and simplicity and has been a proven success. As a result, we are we are calling on the Government to extend the scheme, and help many more young people saving for a house deposit in the process to help more people buy a home of their own.
“Currently the scheme is due to end for new applications on 30 November 2019, so in the absence of any extension we would urge potential first time buyers to open the Help to Buy ISA sooner rather than later to ensure they can continue to save via and be eligible to claim their 25% government bonus when they come to buy a home.”
