Theresa May promises £10bn Help to Buy boost

The Help to Buy ISA helps first time buyers to put money aside for that all important first property purchase. They can save up to £200 a month, which the government will then top up by 25%, up to a maximum of £3,000. For couples, this could mean a considerable £6000 towards their first home together.The government will find an extra £10bn for the Help to Buy scheme to let another 135,000 people get on the property ladder, Theresa May has said.

The extra cash will help buyers get a mortgage with a deposit of as little as 5% to buy newly built homes.

Mrs May gave no detail about the source of the funding and said plans would be outlined in the Budget on 22 November.

But think tank the Adam Smith Institute criticised the revival of the scheme, saying it would push up house prices.

The prime minister confirmed the extra funding on BBC1’s Andrew Marr Show as the Conservative party conference begins in Manchester.

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