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A Lifetime ISA (Individual Savings Account) is a type of savings account introduced by the UK government to help individuals save for their first home or retirement. It offers several benefits, including tax-free savings and a government bonus.
You can save up to £4,000 each tax year in a Lifetime ISA, and whatever you manage to save in a year, the government will top it up by 25%
The money saved in a Lifetime ISA can be used for one of two purposes:
Withdrawing money from your Lifetime ISA before the age of 60 and not for the purchase of a first home will incur a 25% charge on the amount withdrawn.
Start by determining if you qualify for a mortgage on the property you wish to purchase. A mortgage broker in Birmingham like us can help you explore available mortgage products. Be sure to inform your mortgage advisor that you have a Lifetime ISA, and don’t withdraw the funds.
Once pre-approved for a mortgage and your offer is accepted, you need to apply to your Lifetime ISA provider to transfer funds to your solicitor or conveyancer. These funds can then be used towards your mortgage deposit.
For more details on how this part of the process works, or to find you a suitable mortgage. We offer a free mortgage appointment where our team can guide you through the process.
To open a Lifetime ISA, you must be between 18 and 39 years old. This account can be used to save for a first home or for retirement once you turn 60. This age range ensures that individuals have time to save for significant life events, such as purchasing their first home or planning for retirement.
The maximum you can contribute to a Lifetime ISA each tax year is £4,000. Contributions can be made as a lump sum or through regular payments, allowing flexibility in how you save.
The government provides a 25% bonus on contributions made to a Lifetime ISA. Which means you benefit from the extra money and can grow your savings faster. The maximum annual bonus you can receive is £1,000, making it a significant boost to your savings.
Withdrawing money from your Lifetime ISA before the age of 60 for reasons other than buying your first home incurs a 25% withdrawal charge. This charge not only reclaims the government bonus but also deducts some of your own contributions. For instance, if you withdraw £1,000, you’ll pay a £250 penalty, receiving only £750.
A Lifetime ISA offers tax-free growth on your savings. This means you won’t pay income tax, capital gains tax, or dividend tax on the money you earn within the account.
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The service that we received from Wayne and the team at UKMoneyMan was amazing. A straightforward and easy process. We highly recommend MoneyMan, especially to those that are first time buyers, everyone was so knowledgable and helpful. Friendly...
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Dan and Jonathan were very helpful and explained everything in detail. We were able to then make an informed decision on our lifetime mortgage.
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Dinah and Stacey, both have been amazing dealing with my mortgage. I can’t recommend them enough, Dinah has been helpful and has gone above and beyond to get the support/advice I need. I’ve had to change my property and both Dinah and Stacey...
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Leo Shakespeare and Stacey Jopling has work long side each other to made this entire journey extremely smooth and informative as a first time buyer. His service has been phenomenal. I had been rejected from many other brokers and banks and he...
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Once you find a property you are ready to make a offer on (or you have already had an offer accepted), it is time to start your mortgage process.
Our mortgage advisors in Birmingham will conduct an evaluation of your earnings and outgoings during your consultation session to establish your eligibility for a mortgage in Birmingham. We look at how much deposit you have built up within your Lifetime ISA within this affordability assessment.
Your mortgage advisor in Birmingham will search through 1000s of mortgages to pinpoint a deal that aligns perfectly with your requirements.
We want to secure the most suitable Lifetime ISA mortgage in Birmingham for your specific circumstances.
Once we have found you a product that you are happy with, we’ll progress to preparing your mortgage application. This involves preparing your documents that evidence your income and affordability.
As a mortgage broker in Birmingham, we understand the intricacies involved with Lifetime ISA mortgages. Hence, you can trust us to handle your application process seamlessly and professionally.
We strive to do more than just find the best mortgage option for you. Apart from matching you with the most fitting mortgage deal, we also suggest essential insurance solutions that safeguard your future and your family.
Our commitment is not just towards securing your ideal mortgage plan through a Lifetime ISA in Birmingham, but also ensuring you and your family are adequately protected financially.
Getting mortgage advice in Birmingham has never been easier. If you’re in need of guidance regarding Lifetime ISA Mortgages in Birmingham, we are ready to help! Book your free mortgage consultation online or by giving our team a call today.
We have the ability to search through 1000s of mortgage options on your behalf. On panel, we have access to an array of high street and specialist lenders, each with unique mortgage products.
Our committed approach always involves a comprehensive review of your personal and financial circumstances before we propose a mortgage solution. As your mortgage advisor in Birmingham, we consider affordability, your earnings and expenditures, the deposit amount and numerous other factors in our in-depth selection process.
For over two decades, we have been helping customers through the complexities of the mortgage process. Many of our customers have taken advantage of government mortgage schemes like the Lifetime ISA to assist them with getting a mortgage in Birmingham.
If you’ve been diligently saving in your Lifetime ISA with the intention of using the funds to buy your first home, we stand ready to navigate you through your mortgage journey.
Our mortgage advice team in Birmingham are available seven days a week, morning, evening and weekends.
From 8am, right through until 10pm at night, we are here at a time that suits you, your family and your work and personal schedule.
No, you cannot open a Lifetime ISA for your child or grandchild. A Lifetime ISA must be opened and managed by the individual account holder.
The person opening the account must be between 18 and 39 years old. This means that your child or grandchild must open the account themselves once they meet the age requirement. However, you can contribute to their Lifetime ISA after they have opened it.
No, a Lifetime ISA cannot be used to save for a property intended for rental purposes. The primary purpose of a Lifetime ISA is to help individuals save for their first home or for retirement.
The property purchased with Lifetime ISA funds must be intended as your main residence. The rules stipulate that the property must be lived in by the account holder and not used as a rental investment.
No, you cannot open a Lifetime ISA at 40. The eligibility criteria for opening a Lifetime ISA require you to be between 18 and 39 years old.
Once opened, you can continue to contribute to the Lifetime ISA until you turn 50. If you are over 39, you may want to explore other types of ISAs or savings accounts to suit your needs.
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Birminghammoneyman.com & Birminghammoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Birminghammoneyman.com & Birminghammoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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