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The Lifetime ISA (LISA) is a tax-free wrapper that lets you put up to £4,000 in it every year. It can be as cash savings, so you get interest on it, or stocks and shares investing so you get a share growth (or loss).
The LISA is designed for two specific purposes. The first is for first-time buyers to use towards a deposit for a residential property. The second is for later life savings once you hit the age of 60. If you decide to use the LISA to buy your first home, you can keep it open and save for retirement. The idea behind mixing the two is a bit of behavioural economics.
To qualify for a Lifetime ISA (savings) you must:
To qualify for a Lifetime ISA (first time buyer):
You need to have had the LISA open for at least 12 months to be able to use it (and the bonus) towards your first home. If you haven’t started a LISA and you need to buy within a year, you should consider a Help to Buy ISA instead. If you are buying with a partner, you need to open separate accounts.
For more information on Lifetime ISA’s or buying and selling of property, please visit the following websites:-
If you are considering buying a new build home – give our team a call on 01270 625478. Alternatively you can visit our Residential Conveyancing services page here or complete this form for a call back.
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