FROM December this year first time buyers will be supported in saving for a deposit through the new Help to Buy ISA.

The Government will add £50 for every £200 saved, meaning if a first-time buyer saves up to £12,000, the Government will give them an extra £3,000 for a deposit on a house.

Central Devon MP Mel Stride has urged constituents hoping to get on the housing ladder in the next few years to take advantage of the scheme.

He said: ‘With wages in Devon well below the national average but house prices relatively high, many families struggle to get on the housing ladder. More than a hundred families in my constituency have benefited from the Government’s Help to Buy loan scheme and I hope even more will benefit from this new ISA. This policy should have wider implications on the construction sector, spurring on developers to build more homes knowing that more first-time buyers will be able to afford them.’

To qualify for the scheme you must be a first-time buyer, aged 16 or over and intend to use the deposit on a property worth less than £250,000. Barclays, Lloyds, Nationwide, NatWest, Santander and Virgin Money are among the lenders who have confirmed they will offer the savings product. For more visit www.moneyadviceservice.org.uk