Lifetime ISA Mortgages Manchester

See whether you qualify for the Lifetime ISA in Manchester

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Using your Lifetime ISA to get a Mortgage in Manchester

The Lifetime ISA is a new, modern way for first time buyers in Manchester to get onto the property ladder. Like the Help to Buy Equity Loan, this scheme allows you to boost your deposit with tax-free savings!

 

ISA stands for Individual Savings Account; essentially, this is just a place to store your money whilst you save for a mortgage. The Lifetime ISA is not just a savings account however, the more that you put in the more that you get out of it. All Lifetime ISAs are tax-free, meaning that once you have saved up your money and are ready to use your savings, you will not fall subject to any fees or extra charges.

 

It is important to know that you should not withdraw from your Lifetime ISA once you have saved up your deposit. When starting your mortgage process, let your Mortgage Advisor in Manchester know that you have a Lifetime ISA in place and they will show you how to use it for your deposit. Your solicitor will need your savings to remain inside of your Lifetime ISA for you to be able to use it.

How does the Lifetime ISA scheme work?

Once you have set up your savings account, you can deposit into it weekly, monthly or even yearly if you want to. As a Mortgage Broker in Manchester, we would recommend weekly or monthly.

 

The Lifetime ISA yearly saving cap is £4,000, approximately equating to £333 a month. On top of this, you will also receive a hefty bonus from the government! They will add 25% of your total to your Lifetime ISA every tax year (usually around March to April), so if you save the maximum of £4,000, you will receive £1,000 extra in your account. This is worked out from whatever you have managed to save, for example, if you manage to save £2,500 in the tax year, you will get a £500 bonus.

It’s as easy as that! Just keep topping up your account and watch the money grow.

What’s the catch?

Once you have deposited your money into your Lifetime ISA, unfortunately, it will cost you to take it back out. So, yes, you can withdraw from your ISA, but you will be charged a 25% withdrawal fee. If you take out £1,000, you will only get £750. This is why we recommend that you only deposit into your Lifetime ISA if you are certain that you will not need that money for anything else. For example, if you have a busy month ahead, you could choose to lower your monthly deposit and deposit a higher total next month to make up for the loss. This also applies when you deposit large sums at a time, you could need it in the near future.

 

You can only use the funds from the Lifetime ISA for two things: buying your first home or saving for later in life. As a Mortgage Broker in Manchester, we are only able to offer our help when you are buying your first property. Check out our Lifetime ISA YouTube video below or continue down the page to find out whether you qualify for the scheme.

 

Lifetime ISA Mortgage Advice in Manchester

We are here to help you through your mortgage process once you are ready to use your Lifetime ISA to buy your first home. We have Mortgage Advisors in Manchester ready to help you with the process, even from when you are still saving. Our job is to help you find the most appropriate mortgage deal that suits your personal and financial mortgage situation. With your Lifetime ISA and potential own savings, you may have a large deposit ready to put down a property.

 

We offer a free mortgage appointment to all qualifying customers here at Manchestermoneyman. All that you need to do is answer a few questions and then book your appointment. Alternatively, you can ask a question if you are wanting more information regarding your Lifetime ISA and the mortgage journey. We are available 7 days a week and you can book an appointment early in the morning, late in the evening or at the weekend – pick a date and time that best suits you!

We search 1000s of mortgage deals across a large number of lenders, including:

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Qualifying for the Lifetime ISA in Manchester

All government-led mortgage schemes have requirements that you need to pass in order for you to successfully take them out. In this case, the Lifetime ISAs requirements are quite simple, as long as you are a first time buyer in Manchester, you should be able to take advantage of this scheme. Here are the requirements for the Lifetime ISA:

  • You must be 18 or over to be able to open a Lifetime ISA account
  • It must be used to buy your first home or to save for later in life (one or the other, both cannot be done)
  • The maximum saving cap is £4,000 per year
  • The property you are looking to purchase has to cost £450,000 or less
  • You must have been saving for at least a year before you can use your Lifetime ISA savings
  • You must use a conveyancer or solicitor to act for you in the purchase
  • The funds must be used to take out a mortgage

Our Mortgage Advisors in Manchester often get couples wanting to combine their Lifetime ISAs. This is perfectly fine, even if one of the two applicants already owns a property they can combine their savings and use it to purchase a new property. You can open a Lifetime ISA when you already own a house, however, unless combined with an applicant who has not bought a property, you will have to use the funds for later in life savings which can only be withdrawn once you are 60 or over.

How can we can help as your Mortgage Broker Manchester?

We have been helping customers through their mortgage process for over 20 years now. Many of these applicants have been using government schemes like the Lifetime ISA to help them put down a deposit. If you are saving up your ISA and want to use it to buy your first property, we would love to help you through your mortgage process.

 

We have collected lots of amazing customer reviews and they show how much our clients have valued our service. Customer service is at the heart of our company, and we couldn’t be happier knowing that we have helped someone receive the keys to their home. Take a look at our fantastic reviews and see if someone has encountered a similar situation to you.

 

We can search through 1000s of mortgage products on your behalf. On panel, we have access to many different high street and specialist lenders that we can approach in order to try and find you the best deal. We will always look at your personal and financial situation before recommending you a mortgage product. Your Mortgage Advisor in Manchester will have factored in affordability, your income and outgoings, deposit and many more things before selecting a deal.

 

Getting Mortgage Advice in Manchester has never been easier. Our advisors are experienced and will be open and honest with you throughout your whole mortgage journey. They will always look for the best deal for you with your best interests at heart.

 

You can book your free mortgage appointment online today; it’s simple and easy. For Lifetime ISA Mortgage Advice in Manchester, don’t hesitate to get in touch with our team at Manchestermoneyman.

Reviews Stars4.96 Rating373 Reviews

Common mortgage
questions

Your free initial mortgage consultation in Manchester will last roughly one hour. A dedicated advisor will then recommend a mortgage for you, with no obligation to accept and go forward and proceed with the mortgage in question, if you decide that it is not for you.

As trusted Mortgage Advice professionals in Manchester, we will carry out a Fact Find to establish your personal needs before we go ahead with recommending the most suitable mortgage for your situation. From there you will be credit checked, which is a requirement to obtain an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, you can be issued a formal mortgage offer.

We recommend you obtain an Agreement in Principle prior to property viewings in Manchester, in order to avoid potential disappointment. At the very latest we would suggest that you obtain one before you make any offers, to put you in a better bargaining position. As a dedicated Mortgage Broker in Manchester, we are typically able to obtain an agreement in principle within 24 hours.

Generally speaking, an Agreement in Principle will last for between 30 and 90 days, depending on the lender that is used. If your Agreement in Principle expires before you can make use of it, it can be easily refreshed by speaking to your advisor.

If you’re looking to achieve something like debt consolidation or home improvements, you may be able to place a second mortgage on your home. If you’re looking to use it for yourself, a family member, a holiday home or a Buy to Let, a second mortgage on that property may also be an option.

A high street lender will typically require you to put down at least 5% of the property purchase price for your deposit. If you have had credit problems in the past, this may be higher.

If you have struggled with credit problems in the past, you may still be eligible for a mortgage, though a lender may possibly require you to put down a higher deposit than expected. This can be something like 15% of the property purchase price.

Submitting at least one year’s accounts moves you along the process, allowing for you to potentially obtain a mortgage in Manchester. Most lenders will utilise your salary plus dividend to calculate the maximum mortgage amount you are eligible to borrow, whereas some other lenders will go off your net profit.

In order for an employee to prove their income, it’s usually 3 payslips and the last 2 years’ accounts if you are self-employed. You will also need to provide some proof of ID, address and the last 3 months’ bank statements.

The free initial mortgage consultation that we offer generally lasts up to around an hour. We are then able to turn around an agreement in principle within 24 hours of that appointment. A formal mortgage offer takes, on average, somewhere around three weeks.

We make it so easy!
Our 4 step process

Step 1

A telephone test call where we can take some initial details and find out about your plan of action.

Step 2

Obtain an Agreement in Principle to support any future offers you wish to make. Now the fun starts, enjoy finding a property!

Step 3

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Step 4

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

Handy quick links

Manchestermoneyman.com & Manchestermoneyman 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

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

© 2022 Manchestermoneyman

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