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The Chancellor George Osborne is to hand up to £3,000 to first-time homebuyers in a bid to help more people get onto the property ladder.

From autumn 2015, when first-time buyers aged over 16 save into an ISA, the government will pay £50 for every £200 saved provided contents are used as deposit.

The new help-to-buy ISA means if a first-time buyer can save £12,000 in a tax-free account, the government will add £3,000 reducing the length of time needed to save to purchase a property. Those who have never owned a home before can open an account, meaning a couple buying together can claim up to £6,000 towards their first property.

Savers can start with a lump-sum deposit of up to £1,000 and add up to £200 a month, which is boosted by £50 for every £200 saved. The minimum savings required to qualify for the scheme are £1,600, but there is no monthly minimum investment.

The government payment is only added if it is used as a deposit on a home.

If you are considering purchasing your first home, contact Mincoffs Residential Conveyancing Team who will expertly guide you through the process.  Call 0191 281 6151 or email Una Coulson, Head of Department ucoulson@mincoffs.co.uk.

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