CML welcomes Help to Buy ISA Budget announcement
Published: 18 March 2015
The Council of Mortgage Lenders welcomes the announcement by the Chancellor of the Exchequer in today's Budget of a "Help to Buy ISA" scheme, designed to provide a 25% government-funded boost to savings accumulated for a deposit.
The CML looks forward to working with Government on the details of the scheme.
CML director general Paul Smee comments:
"Those who can save for a deposit will appreciate the boost announced in today's Budget. Such steps are welcome. But as saving for a deposit will never become easy, we still need a clear focus on the supply of new housing that will help deliver a sustainable, affordable housing market over the long term."
Incidentally, the winner of the CML's "Rising Stars" initiative last year suggested an incentivised deposit savings scheme - you can see his idea here.
Notes to editors
1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 95% of all residential mortgage lending in the UK. There are 11.1 million mortgages in the UK, with loans worth over £1.3 trillion.
2. The Government has published an outline of the new Help to Buy ISA scheme here.
3. The table below shows the average (median) level of deposit by first-time buyers across all regions within the UK.