Oct 19, 2022
Do you accept ISA for deposits?
Yes, you can use your ISA savings (including Help to Buy and Lifetime ISA and the bonuses they provide) to use towards your home deposit.
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Do you accept ISA for deposits?
Yes, you can use your ISA savings (including Help to Buy and Lifetime ISA and the bonuses they provide) to use towards your home deposit.
Lifetime ISAs: Your Questions Answered
Lifetime ISAs: Your Questions Answered
A Lifetime ISA (LISA) is a special type of individual savings account that lets you put away up to £4,000 every year. The money can then be used for buying your first home or for retirement.
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The Process Of Taking Out A Mortgage
The Process Of Taking Out A Mortgage
For most of us, buying a house is the most significant financial transaction that we will ever make.
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Cap on high cost credit should be reconsidered, MPs say
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Cap on high cost credit should be reconsidered, MPs say
A CAP on high cost credit should be reconsidered by the regulator, MPs have warned. In May, the Financial Conduct Authority (FCA) announced plans to crack down on “exceptionally high” rent-to-own products by putting a cap on interest and fees. MPs have urged regulators to push on......
Introducing LISA: 2 (and last)
If you are eligible, is it right for you?
The hybrid nature of the contract and the conditions for retaining the bonus make this decision difficult. The LISA is likely to be more attractive for 20% tax payers than for higher rate people, who will have their own personal investment and tax advice. You will need to make your own asessment of whether your first home is likely to be in the right price range and whether you will need a mortgage to buy it. Also will it be a joint purchase with someone else? Frankly, it comes down to little more than guesswork.
The best response is probably the traditional one of diversification, i.e. put some money into a LISA and some elsewhere. However, if you are approaching the age of 40, do make a small LISA payment soon to safeguard your entitlement to continue contributions up to the age of 50. All of this naturally is subject to the dubious assumption that legislation won’t change, so good luck.
My recent reblog from online friends accountshouse mentioned the very small number of LISA providers and the fact that there is only one cash LISA on the market. Given that the industry has had a full year to prepare, something is wrong. I suggest that there has been too much government chopping and changing recently regarding tax free savings and that many providers are not convinced that LISA is here to stay. The limited eligibility of the contract and fact that contributions cannot be more than £4,000 per annum don’t help either.
(23/06/2017)
Introducing LISA: 1
LISA (the Lifetime Individual Savings Account) was announced in George Osborne’s budget statement in March 2016 and came into effect on the 6th April this year. It is a sort of three way hybrid between an ISA, an incentive to buying your first home and a way of saving for retirement. As such, it introduces complications and the government could probably have spent the money better elsewhere. There’s also an unwelcome element of ageism. However, if it’s right for you, please go ahead and set one up.
There’s more detail on https://lifetimeisa.campaign.gov.uk/ However, here’s a summary.
To start a LISA, you must be aged at least 18, but less than 40. You can pay in up to £4,000 in any tax year up to the age of 50. Each contribution attracts a government bonus of 25%, i.e. a maximum of £1,000 in any tax year.
To withdraw money, without a withdrawal charge, to buy your first home, the home must be worth less than £450,000 and you must buy it with a mortgage. Alternatively, no withdrawal charge applies from when you are aged at least 60. Otherwise, you can still withdraw monies, but this is subject to a government charge of 25%. Please note that £100 x 1.25 x 0.75 = £93.75, hence you lose 6.25% in these circumstances. To be continued...
(22/06/2017)
Another Budget for savers! #LifetimeIsa http://dlvr.it/NqXJLr
Lifetime Isa to help young save for a house and their retirement #LifetimeIsa #LifetimeIsa http://dlvr.it/NqX7Lf