First time buyers, who are over 16, can save for their UK properties with the help of the government if they invest a Help to Buy ISA. For up to every £200 saved per month the government will add £50 up to a maximum of £12,000 plus a £3,000 government bonus.
The minimum bonus size is £400 per person.
Accounts need to be opened in the four years from this autumn, but there is no time limit on saving thereafter. There can be an initial deposit of £1,000 in addition to the normal monthly savings.
The bonus will be available on house purchases of up to £450,000 in London and up to £250,000 outside London. Only one account can be opened per person, but not per home, so those buying together can each receive a bonus.