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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!
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 that’s before any interest and growth.
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!
If you want to discuss using your L/ISA for your 1st purchase, please get in touch!
Click the ‘Book an Appointment’ button at the top of the page to get in touch.
Clarity Wealth Management LLP is authorised and regulated by the Financial Conduct Authority. No: 575252
Registered in England and Wales as a limited liability partnership. No: 0C371189
Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.