Nationwide Building Society has urged the government to extend access to the Help to Buy ISA.
The ISA, which has attracted 196,000 savers since launching in December 2015, will expire in November 2019.
Tom Riley, Nationwide’s director of savings, said: “We are we are calling on the government to extend the scheme, and help many more young people saving for a house deposit in the process to help more people buy a home of their own.”
Each saver in the scheme can benefit from a government Help to Buy bonus of up to £3,000, although oddly enough the bonus isn’t granted until after the deposit is put down.
The Lifetime ISA (LISA) is also commonly seen as a better option, as the saver can save £1,000 more per year and therefore get a bigger government bonus, while it can also provide a bonus for retirement rather than having to be used to buy a house.
Although the Help to Buy ISA is due to be withdrawn in the next year, savers have until 1 December 2030 to claim the bonus.