The Lifetime ISA is a new, modern way for first time buyers in Manchester to get onto the property ladder. 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.
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.
We are here to help you through your mortgage process once you are ready to use your Lifetime ISA to buy your first home. Mortgage advice in Manchester can 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!
Once you have deposited your money into your Lifetime ISA, unfortunately, it will cost you to take it back out. If you want to take out all of the money inside of your ISA valued at £1,250 (including a year’s £250 bonus), you will only get £1,000. 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.
To open a Lifetime ISA, you must be a UK resident between the ages of 18 and 39. You must also be a first-time homebuyer or plan to use it for retirement savings.
The main benefits of a Lifetime ISA include a government bonus of 25% on your contributions (up to a maximum limit), tax-free growth, and the flexibility to use the funds for buying your first home or saving for retirement.
You can save up to £4,000 per tax year in a Lifetime ISA. The government will provide a 25% bonus on your contributions, meaning if you save the maximum, you’ll receive a bonus of £1,000.
If you withdraw money from your Lifetime ISA for a non-qualifying reason (not for buying your first home or retirement), you’ll incur a 25% withdrawal penalty. This means you’ll lose the government bonus and may also have to pay additional fees, resulting in a net loss.
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Our mortgage advisor in Manchester will assess your income and expenses during your appointment to determine your eligibility and affordability for a mortgage in Manchester.
We can always provude you with an agreement in principle within 24 hours after your appointment.
Our team will thoroughly search through 1000 mortgage products to find the one that suits your needs best.
Upon acceptance of your offer, we will submit your complete mortgage application and accompanying documents to the lender.
Our services go beyond securing the most suitable mortgage deal for you. We will provide recommendations for relevant insurance options to protect you and your loved ones.
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.
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.
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.
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.
No, a Lifetime ISA must be opened and funded by the account holder, who must be between the ages of 18 and 39. However, you can gift money to your child or grandchild to help them fund their own Lifetime ISA.
No, you cannot use the funds in a Lifetime ISA to purchase a property with the intent to rent it out. The property must be for your own residence, not for investment or rental purposes.
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:
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.