Am I eligible for a Lifetime ISA?

Quickly check if you're eligible for a Lifetime ISA by answering the few questions below. After using this tool, if you're interested in taking out a Lifetime ISA with OneFamily please ensure you've read all of our key documentation before continuing.

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?

Based on the current government rules Lifetime ISAs are only available to UK residents aged between 18 and 39.

OneFamily offers a wide 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?

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 £4,000 Lifetime ISA contribution makes up part of your annual ISA allowance.
  • There is a 25% government withdrawal charge if you make any withdrawals that aren't for the purchase of your first home, or retirement at age 60.
  • If you choose to apply for a Lifetime ISA with OneFamily, you are investing in a stocks and shares Lifetime ISA, which means your capital is at risk and you could get back less than you have paid in.
  • If you're unsure if a Lifetime ISA is right for you, please seek independent financial advice before applying.

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 benefiting from the 25% government bonus. It may also be useful if you're 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 £4,000 Lifetime ISA contribution makes up part of your annual ISA allowance.
  • There is a 25% government withdrawal charge if you make any withdrawals that aren't for the purchase of your first home, or retirement at age 60.
  • If you choose to apply for a Lifetime ISA with OneFamily, you are investing in a stocks and shares Lifetime ISA, which means your capital is at risk and you could get back less than you have paid in.
  • If you're unsure if a Lifetime ISA is right for you, please seek independent financial advice before applying.

If you're not employed, you won't currently have a workplace pension in place and you won't be benefiting from employer-matched contributions. You can still contribute £3,600 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 £4,000 Lifetime ISA contribution makes up part of your annual ISA allowance.
  • There is a 25% government withdrawal charge if you make any withdrawals that aren't for the purchase of your first home, or retirement at age 60.
  • If you choose to apply for a Lifetime ISA with OneFamily, you are investing in a stocks and shares Lifetime ISA, which means your capital is at risk and you could get back less than you have paid in.
  • If you're unsure if a Lifetime ISA is right for you, please seek independent financial advice before applying.

I am years old

and I can pay per month

into a stocks and shares Lifetime ISA.

Retirement

When you reach 60
£90,000
Your contributions
£22,500
Government bonuses
Your Lifetime ISA could be worth
£111,197
5% annual growth
£55,377
2% annual growth
£231,007
8% annual growth

This illustration assumes you will have invested £4,000 at the start of each tax year, for a minimum of five years.

Remember the government rules mean that you can only use a Lifetime ISA for either a first home house purchase or for use at your retirement, aged 60.

If you need to access the money before purchasing your first home or before you are 60, there will be a 25% government withdrawal charge on the amount withdrawn.

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

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 are eligible for a Lifetime ISA.

However, as our stocks and shares Lifetime ISA is designed for a minimum saving term of at least 5 years you should consider whether this product is right for you.

There are also a few eligibility rules you should be aware of:
  • 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 (it can't be bought for a buy-to-let purposes).
  • You will need to purchase your first home using a mortgage.
  • If you're unsure if a Lifetime ISA is right for you, please seek independent financial advice before applying.

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 eligibility 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 (it can't be bought for buy-to-let purposes).
  • You will purchase your first home using a mortgage.
You should also keep in mind:
  • The £4,000 Lifetime ISA contribution limit makes up part of your annual ISA allowance.
  • There is a 25% government withdrawal charge if you make any withdrawals that aren't for the purchase your first home, or retirement at age 60.
  • If you choose to apply for a Lifetime ISA with OneFamily, you are investing in a stocks and shares Lifetime ISA, which means your capital is at risk and you could get back less than you paid in.
  • If you're unsure if a Lifetime ISA is right for you, please seek independent financial advice before applying.

I can pay per month

into a stocks and shares Lifetime ISA.

First home

Buying in years
£18,000
Your contributions
£4,500
Government bonuses
Your Lifetime ISA could be worth
£21,838
5% annual growth
£20,231
2% annual growth
£23,612
8% annual growth

This illustration assumes you will have invested £4,000 at the start of each tax year for a minimum of five years.

Remember the government rules mean that you can only use a Lifetime ISA for either a first home house purchase or for the use of your retirement, aged 60.

If you need to access the money before purchasing your first home or before you are 60, there will be a 25% government withdrawal charge on the amount withdrawn.

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