What’s a Lifetime ISA?
The Lifetime ISA is a product designed by the government to help people aged 18-39 buy their first home or save for retirement.
You can save up to £4,000 each tax year and get a 25% government bonus on all savings.
So, if you pay in the maximum £4,000, the government will top it up with an additional £1,000. Pay in £1,000 and you’ll get £250. Kerching! You can do this every year until you’re 50.
You can use the Lifetime ISA to buy a house up to the value of £450,000 anywhere in the UK but you must have had the account open for at least one year before you withdraw money to do this.