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First-time buyers gain cash help from government

Posted on by within Property News, London

Government bonus to help first time buyersChancellor George Osborne used his final Budget Day speech on Wednesday to introduce a savings scheme that will reward first-time home buyers with a £50 bonus from the government for every £200 they put towards their property.

The Help to Buy ISA will be available through banks and building societies this autumn, with first-time buyers able to make an initial deposit of £1,000 when they open the account.

There will be no minimum monthly deposit, but individual savers will only be able to put away a maximum of £200 a month. The government has also capped the total bonus it pays at £3000.

First-time buyers in London will be allowed to put the bonus towards purchasing homes worth up to £450,000, but the ceiling will be £250,000 for the rest of the country, Osborne announced.

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