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You might not have heard about the governments newest ISA scheme even though it’s been around since April 2017.

A Lifetime ISA or “LISA” is used for saving for “Lifetime Events” which include buying your first home.

The account itself attracts the standard tax free interest but in addition, you get you get a 25% government bonus on the money you save.

Here’s a quick Fidler & Pepper style round up of the scheme

It’s an 18-40s club

You have to be aged 18-39 to open a lifetime ISA, so if you’re old enough to remember life before mobile phones or you don’t know what Love Island is, then you probably need to get your skates on.

You don’t have to buy a house with it

If you decide not to buy a house, you can save the money for what the scheme deems as the only other “lifetime event” – retirement. So forget using it for marriage, children or a one in a lifetime trip to the Bahamas…

Don’t aim too high

If you’re lucky enough to be able to afford to buy a first home that costs more than £450,000 the scheme deems you too rich to take advantage of the scheme

 Double up!
You and you’re other half can both have Lifetime ISA accounts both benefitting from the bonus

There’s a limit

You can only save a maximum of £4,000 per year which would earn you a £1,000 bonus

 You can’t get at the money

If you withdraw any money from the account for any other reason besides your lifetime events you will incur huge penalties, so once it’s in, you need to forget it’s there – Out of sight out of mind!

There are conditions

The house must…

  • be in the UK
  • be the first home you own
  • be purchased with a mortgage (i.e. not cash)
  • cost £450,000 or less
  • be your main residence

and

  • The LISA account must have been open for at last 12 months

 

Our IT crowd have been busy updating all our internal systems to make cashing in your LISA a piece of cake so all you need to do it let us know you have an account and we will organise the rest!

If you’re looking for a competitive Conveyancing quote and an experienced team of people who are there to help (without the legal jargon) then simply give us a call on 01623 45 11 11 or to get a quote in seconds click here.

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