As a Mortgage Broker in Birmingham, we always get inquiries regarding Lifetime ISAs, and 90% Mortgages, it’s due to the fact that applicants have no idea what they are. People tend to get the Lifetime ISA confused with the Help to Buy ISA; they are similar, but there are a few differences.
Here is all the relevant information that you need to know about the Lifetime ISA and the reasons why it could be right for you:
To put it plainly, a Lifetime ISA is a savings account where your money grows tax-free. As a bonus to whatever you save, the government will gift you 25% extra.
However, there’s a catch though; there’s a limit to how much you can save every year, and it’s only £4,000. Then again, this means that the 25% bonus you would receive would be an extra £1,000.
Firstly, it can be used to purchase your first property, so if you are planning on being a First Time Buyer in Birmingham and you are preparing to hold off on your mortgage journey for a little while longer, a Lifetime ISA could be for you. There is nothing wrong with planning and think about your future.
Secondly, you can use a Lifetime ISA as savings for later in life; however, as we are a Mortgage Broker in Hull, we only see clients who are using the ISA as their deposit for their first home. So if you want to save for later in life, you can find more information here on the government’s official webpage: https://www.gov.uk/lifetime-isa.
To qualify for the Lifetime ISA, you must meet some specific requirements:
For more helpful information on the Lifetime ISA, check out the government’s Lifetime ISA page here: https://www.gov.uk/lifetime-isa.
If you’re feeling like you would benefit from a Lifetime ISA, please do not hesitate to get in touch with your Mortgage Broker in Birmingham, and we will assist you and get the ball rolling.
Do you want to learn about the various schemes that are out there or would you be interested in the Lifetime ISA and want to begin your mortgage journey? Either way now could be the perfect time to get in touch with an experienced Mortgage Advisor in Hull.
We don’t just specialise in Lifetime ISAs, and we have experience with all different types of mortgage scenarios, these include Self Employed mortgages, Remortgages, Buy to Lets; any mortgage situation, we know how to help! We love a good challenge, and we would like to try and help you make that first step onto the property ladder.