A savings account that boosts your deposit with FREE MONEY!
Do you want some FREE MONEY?
A Lifetime Individual Savings Account (or Lifetime ISA / LISA) is super important for first-time buyers. It provides financial incentives and support
for saving towards a property purchase, and includes BONUS CASH!
See below how these amazing products can help you save that all important deposit!
So how does it work?
You can save up to £4,000 a year in a LISA as a lump sum, or by putting in cash as and when you can.
The Government will then add a 25% bonus on top, so if you save £1k, you’ll have £1,250.
And if you save the full £4k, you’ll have a whopping £5k!.
And that’s before any interest and growth.
Some helpful points to remember are…
Anyone aged 18 to 39 can open a LISA ** The interest received is TAX FREE
£20k is the ISA limit for the 2024/25 tax year. You can split this between one LISA up to £4,000, and the balance can go to your standard cash or shares ISA.
Penalties are added if you don’t use the savings for either a property purchase, or retirement.
Lifetime ISA’s are for first time buyers only! ** The LISA must have been held for at least 12 months.
You need to buy a residential property for under £450k with a standard mortgage.
Joint first time buyers can have a LISA each, doubling the benefits!
