Lifetime ISA eligibility

A Lifetime ISA in an individual savings account (ISA) designed to help towards buying your first home or retirement... or both! Savers will receive a 25% Government bonus into your Lifetime ISA calculated based on the amount you pay in each month. This makes a Lifetime ISA a great savings option - however not everybody is eligible. Please remember tax advantages depend on individual circumstance and may change in the future.

With a OneFamily stocks and shares Lifetime ISA you’ll get easy online account management, and you can pay in as little as £25 per month.

Can I get a Lifetime ISA?

Simply answer a few questions about your circumstances below to figure out if you are eligible for our Lifetime ISA. While you may be eligible for our Lifetime ISA, If you're not sure a Lifetime ISA is right for you, please contact an independent financial adviser.

Am I eligible for a Stocks and Shares Lifetime ISA?

First of all, are you aged between 18 and 39 and a UK resident?
Great! Next, how are you planning to use your Lifetime ISA?

Our Lifetime ISAs are only available to UK residents aged between 18 and 39.

OneFamily offers a variety of other products that might be of interest to you.

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Is your first home going to cost less than £450,000?
What is your employment status?

It looks like you could be eligible for a Lifetime ISA.

As you're currently employed, you probably have a workplace pension and your employer is therefore likely to make contributions on your behalf. Some employers also match contributions so you may want to consider saving towards your retirement this way.

You can still use a Lifetime ISA if you have a pension, this could be useful for people who have contributed their maximum pension allowance each year, or if you have reached the lifetime allowance for your pension fund.

You should also keep in mind:

  • The OneFamily Lifetime ISA invests in stocks and shares. The value can fall as well as rise meaning you could get back less than is paid in.
  • The £4,000 Lifetime ISA contribution limit makes up part of your overall ISA contribution limit of £20,000 for the current tax year.
  • There is a 25% government withdrawal charge if you make any withdrawals that aren't for the purchase of your first home, or after age 60.
  • If you decide to pay into a Lifetime ISA instead of a workplace pension, you could miss out on valuable employer contributions.
  • Money in a lifetime ISA could affect your entitlement to means tested benefits.
  • If you're unsure if a Lifetime ISA is right for you, please seek independent financial advice before applying.

It looks like you could be eligible for a Lifetime ISA.

If you're self-employed, you may have a personal pension or other arrangement and be able to save towards your retirement this way. However, you could still take out a Lifetime ISA if you're interested in benefitting from the 25% government bonus. It may also be useful if you've contributed the maximum annual amount to your pension or you have reached the lifetime allowance for your pension fund.

You should also keep in mind:

  • The OneFamily Lifetime ISA invests in stocks and shares. The value can fall as well as rise meaning you could get back less than is paid in.
  • The £4,000 Lifetime ISA contribution limit makes up part of your overall ISA contribution limit of £20,000 for the current tax year.
  • There is a 25% government withdrawal charge if you make any withdrawals that aren't for the purchase of your first home, or after age 60.
  • If you decide to pay into a Lifetime ISA instead of a workplace pension, you could miss out on valuable employer contributions.
  • Money in a lifetime ISA could affect your entitlement to means tested benefits.
  • If you're unsure if a Lifetime ISA is right for you, please seek independent financial advice before applying.

It looks like you could be eligible for a Lifetime ISA.

If you're not employed, you won't currently have a workplace pension in place and you won't be benefitting from employer-matched contributions. You can still contribute each year to a personal pension.

Both a pension and a Lifetime ISA may be an option for you, and you could contribute to either or both.

You should also keep in mind:

  • The OneFamily Lifetime ISA invests in stocks and shares. The value can fall as well as rise meaning you could get back less than is paid in.
  • The £4,000 Lifetime ISA contribution limit makes up part of your overall ISA contribution limit of £20,000 for the current tax year.
  • There is a 25% government withdrawal charge if you make any withdrawals that aren't for the purchase of your first home, or after age 60.
  • If you decide to pay into a Lifetime ISA instead of a workplace pension, you could miss out on valuable employer contributions.
  • Money in a lifetime ISA could affect your entitlement to means tested benefits.
  • If you're unsure if a Lifetime ISA is right for you, please seek independent financial advice before applying.

Based on the current government rules, Lifetime ISAs can be used to purchase homes costing £450,000 or less.

If you'd like to find our more about Lifetime ISAs please click on the button below.

Find out more

And lastly, are you planning on buying your first home within the next five years?

It looks like you could be eligible for a Lifetime ISA.

However, as our Lifetime ISA invests in stocks and shares, we’d always recommend that you keep your money invested for at least five years or more. This is because you will have longer to ride out the fluctuations in the stock market.

The value of stocks and shares can fall as well as rise, so you could get back less than was paid in. If you're not sure a stocks and shares Lifetime ISA is right for you, please contact an independent financial adviser.

You should also keep in mind:

  • Your Lifetime ISA must be open for a minimum of 12 months before you can use the money for the purchase of your first home.
  • The property you purchase must be in the UK and must be your main residence.
  • You will need to purchase your first home using a mortgage, a Regulated Home Purchase Plan or a Shared Ownership arrangement.

If you'd like to find out more about cash vs stocks and shares Lifetime ISA please click on the button below.

Find out more

It looks like you could be eligible for a Lifetime ISA.

Before considering your options, there are a few additional rules you should be aware of:

  • Your Lifetime ISA must be open for a minimum of 12 months before you use the money for the purchase of your first home.
  • The property you purchase must be based in the UK and must be your main residence.
  • You will need to purchase your first home using a mortgage, a Regulated Home Purchase Plan or a Shared Ownership arrangement.

You should also keep in mind:

  • The OneFamily Lifetime ISA invests in stocks and shares. The value can fall as well as rise meaning you could get back less than is paid in.
  • The £4,000 Lifetime ISA contribution limit makes up part of your overall ISA contribution limit of £20,000 for the current tax year.
  • There is a 25% government withdrawal charge if you make any withdrawals that aren't for the purchase your first home, or after age 60.
  • If you decide to pay into a Lifetime ISA instead of a workplace pension, you could miss out on valuable employer contributions.
  • Money in a lifetime ISA could affect your entitlement to means tested benefits.
  • If you're unsure if a Lifetime ISA is right for you, please seek independent financial advice before applying.

In the current tax year you can invest a maximum of £4,000 a year (subject to contributions to other types of ISA)

£
or per month
Please only include numbers
When opening a OneFamily Lifetime ISA, we require you to set up a regular direct debit of £25 or alternatively, you can make a £250 lump sum payment
You can only pay a maximum of £4,000 per year into a Lifetime ISA

Lifetime ISAs are only available to UK residents aged between 18 and 39

Our stocks and shares Lifetime ISA is designed for a minimum saving term of 5 years

Your Lifetime ISA could be worth:
which, adjusted for inflation, is £00,000
Total invested £00,000
Your contributions £00,000
Government bonus £00,000
Your Lifetime ISA could be worth:
which, adjusted for inflation, is £00,000
Total invested £00,000
Your contributions £00,000
Government bonus £00,000

These results assume amounts for low (2%), mid (5%) and high (8%) annual growth levels. These figures include a deduction of Annual Management Charges of 1% and additional expenses of up to 0.3%. They also include an estimated inflation rate of 2%. Inflation is the general tendency for prices to increase over time. Inflation over time can affect the purchasing power of your money. Calculations are not exact and these charges and inflation rates may vary in the future. We send statements four times a year to show how the account is coming along.

These figures are a guide only and not a reliable indication of future performance or a guaranteed projection of what your Lifetime ISA will be worth. The amount you get back depends on how your investment grows. Remember that investments can fall as well as rise and you may get back less than you invested.

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