First-time buyer? Need help finding your deposit?

As a first-time buyer, getting the deposit together for your home is hard. So, to help first-time mortgage buyers the government launched its Lifetime ISA. Sometimes known as a LISA. This scheme was first made available in April 2017 and is open to people aged 18 but before the age of 40, who are UK residents.

You’re able to pay into one Lifetime ISA in each tax year and it will sit within your overall ISA limit cap of £20,000 in the 2023/24 tax year.

How will a Lifetime ISA work for you?

• You can put a maximum of £4,000 into a Lifetime ISA each tax year.
• You are paid a 25% bonus from the government. The bonus will be paid monthly.
• The maximum bonus you can earn in a tax year is £1,000.
• The amount you pay in is linked to your annual ISA allowance (£20,000 for the 2023/24 tax year).
• If you’re buying a home with someone else, then you both can take advantage of separate Lifetime ISAs, as long as you are both first-time buyers.
• You can hold your LISA in either cash or stocks and shares.

How do I withdraw my savings?

Your LISA savings can be withdrawn tax-free at any time to buy your first home worth up to £450,000, and from age 60 for any purpose.

What else should I know as a first-time buyer?

A mortgage is often the biggest and most important financial commitment of a person’s life.

There are many factors involved in getting a new mortgage and the process may seem complex and time-consuming. But don’t worry!  We don’t expect you to take it all on yourself as we are here to advise you at every step of the way and to do most of the work for you. Simply give us a call and we can guide you through your mortgage from start to finish. You can check out the current mortgage rates available to first-time buyers. Remember that the lowest-rate mortgage is not always the best mortgage for you.

How Anstee & Co can help you as a first-time buyer.

Our team of expert mortgage advisers provide independent mortgage advice. The advice is unbiased and we look at all the financial options available to you. Some mortgage brokers work only from a limited panel of providers.  We aim to find the best mortgage for you.

Meetings can be arranged at a time and location that is convenient for you. This might be on an evening or weekend. Home visits are available. The initial meeting is at our cost and without obligation. Why not contact us today?

Our Head Office is located at-

• Kettering, Northamptonshire

Additionally, our team of Mortgage advisers live and make use of meeting rooms in-

• Bedford, Bedfordshire
• Market Harborough, Leicestershire
• Northampton, Thrapston, Wellingborough and Rushden are all in Northamptonshire.

Also meetings can be arranged by video calls such as Zoom and Teams. The choice is yours.

Finally, if you have any thoughts or comments about this article, “First-time buyer? Need help finding your deposit?“, then please contact us.

As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.