Lifetime ISA

I'm sure many of you're saving for that future house! We have prepared a guide from our own experience to aid you as much as possible with this process.

What is a Lifetime ISA?

A Lifetime ISA or LISA for short, is a savings account which can either be used for a first house, or after the age of 60. This is an excellent way to save whilst also taking advantage of the government 25% bonus!

Pros of a LISA

• Get a 25% bonus on up to £4,000 per year!

• You can either save gradually, or you can Lump Sum deposit £4,000.

• The government bonus is paid monthly.

• Earn interest on your deposit, but also the 25% government bonus!

• Can earn a maximum of £33,000 from the government.

• Interest or capital growth is tax free.​

Cons of a LISA

• You must be 18+ to create an account.

• The house price can't exceed £450,000.

• This has to be either spent on a first house or when you're 60+.

• You must purchase a house you intend to live in (can't buy to rent)

• If you withdraw for any reason other than purchasing a house or being over 60, you will lose the government bonus and then incur a 25% fee on top.