Introducing Moneybox Stories! A new series where we talk to our community about how you’re turning your money into something greater with Moneybox. Meet Kayleigh…
“I didn’t feel I would ever be able to buy my own home.”
“I’ve always aspired to buy my own home but I never thought it would be a possibility for me as saving has always been a challenge,” says Kayleigh, who joined the Moneybox community at the recommendation of a friend. “I’d put money into a savings account with good intentions but would end up taking it back out again when I needed emergency funds or wanted to buy something. The Moneybox Lifetime ISA worked really well for me because you can’t take money out or dip into savings.”
“The Lifetime ISA is a no-brainer for first-time buyers.”
The Lifetime ISA (LISA) is designed by the government to help people aged 18-39 buy their first home or save money for life after work.
You can choose to save into a Cash Lifetime ISA or invest into a Stocks and Shares Lifetime ISA. You can save or invest up to £4,000 into your LISA per tax year and the government will top up your account with a 25% bonus. So if you save £4,000, that’s £1,000 on top – completely free!
“The Moneybox Mortgage Advisers were unbelievably helpful.”
Kayleigh used Moneybox Mortgage Advice which, as a Moneybox customer, allows you to get free, impartial mortgage advice from our experienced team of Moneybox mortgage advisers and access deals from more than 90 lenders.
You can complete your mortgage application from start to finish all from within the Moneybox app with the help of a mortgage advisor and case manager, taking away all the unnecessary stress whether you’re buying your first home, next home or remortgaging.
Moneybox Mortgage Advice is provided by Moneybox Mortgages Ltd.
Please note your home could be repossessed if you do not keep up repayments on your mortgage.
A 25% government penalty applies if you withdraw money from a Lifetime ISA for any reason other than buying your first home (up to £450,000) or for retirement. This means you´ll get back less than you´ve put in. Your account also needs to be open for 12 months before you can withdraw penalty-free for a house purchase. It counts as ‘open’ once you’ve made your first contribution.
All investing should be regarded as longer term and you should plan to invest for at least 5 years. The value of your investments can go up and down, and you may get back less than you invest.