SHOULD I OPEN A LIFETIME ISA TO BUY MY FIRST HOME? (DEPOSIT SERIES: EPISODE 4)
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- Опубликовано: 6 сен 2024
- Welcome to Episode 4 of our Deposit Series with Nicola McKenzie, where we address a common question: "Should I open a Lifetime ISA to buy my first home?" In this informative video, we will explore the benefits and considerations of utilising a Lifetime ISA for your property purchase.
Throughout this comprehensive series, we delve into various aspects of property deposits. This particular episode focuses on the merits of opening a Lifetime ISA to support your journey towards owning your first home. It's an important decision, and we're here to provide you with the necessary insights to make an informed choice.
Make sure to follow the entire playlist to gain valuable knowledge and guidance on preparing to buy a property. Join Nicola McKenzie as she equips you with the tools and information needed to navigate the exciting world of property ownership.
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Our advice is free of charge so please get in touch. It is only when you have found a property and are ready to apply for a mortgage that we charge a fee.
Our typical administration fee is £495 (We charge between £0-£245 for a remortgage). This covers the time involved in dealing with your mortgage application and supporting you through the home buying process from start to finish. This also includes complimentary homebuyers protection insurance, organising any insurances, organising your Will and recommending any professional services such as surveyors, solicitors and conveyancers.
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Such a helpful channel, thanks!
Thanks for this good information.
Pls, what else can we do as a first timer buyer because based on my age and my wife we are above 40 years already. Can you please suggest what we can do again towards getting our first mortgage.
Kind regards.
Paul
you're so great at explaining these things! thank you for the help!
Can’t it be used for a second home?
Hi if you saved in your liferime ISA for 3 years (36 months) will your bank/ mortgage provider have to go through 36 months of bank statements/ payslips and financial record checks before approving your mortgage application or will they go through 6 months??
Or 3 months??
6:51 doesn't make sense, so I have to buy the property at least 12 months after making my first payment into the isa, but the most you can save is £4k a year???? Please clarify...
She definitely said it wrong. You can contribute a max of 4k a year, you get 1k tax relief as well.
You DON'T have to buy a house within 13 months of first payment.
Do they ever adjust home value to inflation ? And do they adjust contributions accordingly?
They haven’t adjusted home value to inflation yet, and it’s a big problem that’s been flagged by politicians. It’s making me hesitant to open one.
Thank you for this video, well explained. I have one question, once one has used the money saved from a lifetime ISA to purchase their first home can the account still be used to save money for retirement or will it be closed? Thank you, just subscribed to your channel.
I believe I have read somewhere that it will continue to exist, as well as any remaining funds.