So the door closed for new Help to Buy ISA applications on 31st November 2019. But fear not!
As you know, I have a massive passion for helping First Time Buyers and when the expiry date passed, I wanted to do some research to see if there were any other options for First Time Buyers, and the Life Time ISA (LISA) is a brilliant option.
Enter the Life Time ISA.
It works in a similar way with a 25% bonus paid on your savings and can be used to purchase your first home. Result!
***Life Time ISA Highlights***
- Can be used to buy your first home or save for later life
- Age between 18 - 40 to open one
- You can have a help to buy ISA as well, but you only receive the 25% bonus on one
- You can save £4,000 per year until you are 50
- The government will add a 25% bonus of up to £1,000 per year maximum
- The property you purchase needs to be £450,000 or under
- You need to purchase the property at least 12 months after you open the ISA
- There are penalties to withdrawing, so only use as a savings vehicle
- Your bonus is paid to your solicitor when buying your home
Government link -
HOW TO OPEN
Choose cash or stocks and shares ISA. Just google "Life Time ISA".
Here are a few providers of reputable banks.
Nottingham Building Society (Cash ISA) -
Newcastle Building Society (Cash ISA) -
Paragon bank -
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**** About This Video **** In this video Alex Kerr from Mortgage Chain, who specialises in mortgages for first time buyers discusses an alternative to the Help to Buy ISA.
email: alex@mortgagechain.co.uk
Book a 15 minute, FREE, no obligation mortgage chat with Alex:
Contact: 03333 44 68 69
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