15 April 2015
In his Budget today, the Chancellor introduced a new Help to Buy ISA, which will be available this Autumn.
First time buyers who are building their deposit will get a 25 per cent injection from the Government. For every £200 saved towards a deposit, the Government will add £50.
Chris Thompson, CEO at Capita Mortgage Software Solutions, provider of technology and business process outsourcing (BPO) solutions to the UK mortgage market, commented: "The announcement of the Help to Buy ISA is a welcome step and brings together two popular policies making it a real shot in the arm for the housing market.
"We have seen the benefits to the economy as a whole when house building and house buying gather pace, so this should boost a market that is increasingly growing in confidence. The challenge for lenders is to make sure that their origination systems are up to the job so that they can take advantage when first time buyers access the Help to Buy ISA in the Autumn.
"Following December’s stamp duty reductions, I think there are genuine reasons to be cheerful in the mortgage industry and long may that continue."