How a lifetime ISA could help you buy your first home soonerÂ
Lifetime ISAs are the ultimate house-buying hack for first-time buyers.
The government tops up everything you pay into a lifetime ISA by 25% - that's an extra £25 towards your deposit for every £100 you save yourself! What's more, as it's an ISA, you won't pay tax on any money your investments make.
Just be aware that you are limited to saving no more than £4,000 a year in a lifetime ISA and if you take money out for something other than buying your first home (if you're younger than 60), HMRC will charge you a penalty fee.
Guides to buying your first home
What is a mortgage?
A mortgage is simply money lent to you by a mortgage lender to buy a property. With most mortgages, you’ll pay this money back over time by paying a set amount each month.
Read articleBuying vs renting: which one is right for you?
Owning your own home is very different to living in rented accommodation and one lifestyle could be more suited to you than the other.
Read articleHow to save for your first home faster
Saving for your first home takes time, but there’s a few first-time buyer life hacks that can get your feet on the property ladder much quicker.
Read articleHow much deposit do I need to buy a house?
Saving for your first home is easier when you have a target to aim for. But the exact amount you need depends on several factors.
Read articleWhat is the First Homes scheme?
The First Homes scheme was launched by the UK government with the aim of creating more affordable homes for first-time buyers.
Read articleHow to use a lifetime ISA to buy your first home
Lifetime ISAs give you a 25% government bonus on top of your savings to help you buy your first home or save for retirement.
However, buying a house can be a complicated process, so how does your lifetime ISA fit in?
How to get on the property ladder
Your first home may feel like it will take a long time to save for. But there are ways to get there a little bit sooner.
Read articleHelp to buy ISA vs lifetime ISA – which is right for you?
First time buyers get a 25% government bonus with help to buy and lifetime ISAs. Find out if transferring to a lifetime ISA is right for you.
Read articleLifetime ISA investment calculator
See how much you could save for your first home with a lifetime ISA
The lifetime ISA calculator shows how your lifetime ISA could grow with low, medium and high performance. Remember, projections are not a guarantee of future performance and you could get back less than you pay in.
Please note: No more than £4,000 may be invested into a Lifetime ISA within a single tax year. This includes your initial investment and your monthly direct debit payments.
How to open a lifetime ISA with OneFamily
Got a question about our Lifetime ISA? Try our FAQs.
Start saving for your first home - open a Lifetime ISA online today
