{"id":357,"date":"2022-01-27T13:00:00","date_gmt":"2022-01-27T13:00:00","guid":{"rendered":"https:\/\/www.affalo.co.uk\/blog-api\/?p=357"},"modified":"2022-08-22T11:03:18","modified_gmt":"2022-08-22T11:03:18","slug":"lifetime-isas","status":"publish","type":"post","link":"https:\/\/www.check.co.uk\/blog\/money-matters\/personal-finance\/lifetime-isas\/","title":{"rendered":"Lifetime ISAs: What you need to know"},"content":{"rendered":"\n<hr class=\"wp-block-separator is-style-wide\"\/>\n\n\n\n<p class=\"wp-block-paragraph\">Lifetime ISAs, or LISAs, are a popular savings product offered by banking firms. They\u2019re often used by first-time buyers as a way to raise cash for a deposit. Here\u2019s what you need to know about LISAs, their benefits, and their potential risks.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_89 counter-flat ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">What&#039;s Included?<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.check.co.uk\/blog\/money-matters\/personal-finance\/lifetime-isas\/#What_is_a_Lifetime_ISA\" >What is a Lifetime ISA?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.check.co.uk\/blog\/money-matters\/personal-finance\/lifetime-isas\/#The_two_types_of_Lifetime_ISAs\" >The two types of Lifetime ISAs<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.check.co.uk\/blog\/money-matters\/personal-finance\/lifetime-isas\/#What_happens_if_I_withdraw_the_money_early\" >What happens if I withdraw the money early?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.check.co.uk\/blog\/money-matters\/personal-finance\/lifetime-isas\/#Is_a_Lifetime_ISA_right_for_me\" >Is a Lifetime ISA right for me?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.check.co.uk\/blog\/money-matters\/personal-finance\/lifetime-isas\/#I_already_have_an_ISA_%E2%80%93_can_I_transfer_the_money_into_a_Lifetime_ISA\" >I already have an ISA \u2013 can I transfer the money into a Lifetime ISA?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.check.co.uk\/blog\/money-matters\/personal-finance\/lifetime-isas\/#What_else_do_I_need_to_be_wary_about\" >What else do I need to be wary about?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.check.co.uk\/blog\/money-matters\/personal-finance\/lifetime-isas\/#Credit-Score_offers_two_fabulous_solutions\" >Credit-Score offers two fabulous solutions.<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_a_Lifetime_ISA\"><\/span>What is a Lifetime ISA?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In a nutshell, Lifetime ISAs are a special savings account for people aged 18-39. ISA stands for &#8220;<a href=\"https:\/\/www.gov.uk\/individual-savings-accounts\" target=\"_blank\" rel=\"noreferrer noopener\">Individual Savings Account<\/a>&#8220;. They are tax-free, and subsidised by the UK government. They\u2019re most commonly used to help young people get on the property ladder. They&#8217;re also used by older people to create a nest egg for retirement.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Every tax year, a LISA permits to put away a certain amount of money. The government gives you \u00a31 for every \u00a34 you put away, for up to \u00a31,000. You can pay into your LISA and claim this government bonus every year until you turn 50 years of age.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re under the age of 60, you must use the money from your LISA to pay for your first home. This means that LISAs are not available to buyers of second or third homes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You cannot withdraw money from a LISA until 12 months have elapsed. If you plan to buy a home in less than a year, a LISA is not for you. Additionally, if you plan to put the money towards a property, you should know that you\u2019ll need to budget for a property worth less than \u00a3450,000.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_two_types_of_Lifetime_ISAs\"><\/span>The two types of Lifetime ISAs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Lifetime ISAs come in two types.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Stocks and Shares LISAs<\/strong> are capital at risk. They allow you to put some money into your savings, which brokers then use for investments in stocks and shares. This allows you to accumulate money from dividends as well as government assistance. However, as with all investments, you can end up with less money than you put away, particularly if there is another recession, so you\u2019ll need to be sure you know the risks. Stocks and Shares LISAs are intended for long-term saving, so that savers can ride out bumps in the market.<\/li><li><strong>Cash LISAs <\/strong>are less risky. They can\u2019t decrease in value and providers sell them on a \u201cshort-term\u201d basis. The downside of this decrease in risk is that the LISA is less lucrative. This is because they accumulate money at a fixed rate rather than in accordance with the performance of your investments. Therefore, while your money is more secure, and you\u2019re almost guaranteed to get more out than you put in, you are also not going to make much in interest.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Most first-time buyers will look to Cash LISAs for their needs, since the risk is much lower. Stocks and Shares LISAs are really meant for people saving for retirement. You may find that your specific circumstances make a Stocks and Shares LISA more useful, but it\u2019s definitely a good idea to speak to a professional advisor before you invest.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_happens_if_I_withdraw_the_money_early\"><\/span>What happens if I withdraw the money early?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If you are under 60 and not withdrawing the money from your Lifetime ISA to buy your first home, you will take a 25% penalty. Because the government offers \u00a31 for every \u00a34 you save, you\u2019ll not only lose all the government bonus, but also 6.25% of your own money. This disincentivises early withdrawal.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The only case in which you can withdraw the money early is if you are diagnosed with a terminal illness. In that case, your provider will allow you to disburse the money, including the bonus, on compassionate grounds.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Is_a_Lifetime_ISA_right_for_me\"><\/span>Is a Lifetime ISA right for me?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">LISAs are best suited to people who want to get the most out of their savings, over a period of 12 months to many years. If you\u2019re looking to buy a home in the next six months, a LISA is probably not right for you.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Make sure you do plenty of research before you apply for a LISA, as it is very hard to get money of a LISA once it\u2019s in, and you will lose a lot of money if you withdraw from the LISA early. Above all, don\u2019t put all your eggs in one basket, and make sure you\u2019re saving elsewhere, as well as in your ISA.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Above all, remember that LISAs are not the only savings products available out there, so be sure to research alternatives before you settle on applying for a LISA.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"I_already_have_an_ISA_%E2%80%93_can_I_transfer_the_money_into_a_Lifetime_ISA\"><\/span>I already have an ISA \u2013 can I transfer the money into a Lifetime ISA?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">You usually can, subject to the terms of your regular ISA. However, it\u2019s a good idea to remember that you can only get the 25% bonus on up to \u00a34,000 you pay in. Therefore, if you transfer the whole ISA you will only see a benefit on the first \u00a34,000.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Also remember that there is an overall ISA limit of \u00a320,000 per year. This means that if you do put away \u00a34,000 into a LISA, you can\u2019t put more than \u00a316,000 into your regular ISA.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_else_do_I_need_to_be_wary_about\"><\/span>What else do I need to be wary about?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re a first-time buyer, your LISA provider will need to <a href=\"https:\/\/www.check.co.uk\/blog\/how-to-buy-your-first-home-in-10-steps\/\" target=\"_blank\" rel=\"noreferrer noopener\">communicate with your conveyancer<\/a> during the homebuying process. Therefore, it\u2019s a good idea to look at Trustpilot or other review sites to see what the provider\u2019s customer service is like before you apply.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What\u2019s more, make sure the provider has a usable and intuitive interface, so that ease of use is paramount. We\u2019re talking about a lot of money here, and once you pay it in, you can\u2019t get it out! It\u2019s good to go with a provider with good, easy-to-understand design.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Finally, depending on the LISA you go for, charges can vary. Make sure to compare, and as always, seek professional advice if you\u2019re really not sure.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Credit-Score_offers_two_fabulous_solutions\"><\/span>Credit-Score offers two fabulous solutions.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re preparing to take a mortgage, never apply until you\u2019ve tried our unique and&nbsp;<a href=\"https:\/\/home.credit-score.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">FREE Credit-Score Home app.<\/a>&nbsp;Our smart technology will tell you what you need to fix so you avoid rejection. The app predicts when you will be able to buy, for how much and tracks your month-by-month progress to mortgage success. We\u2019ve even added your own mortgage broker, so you get the best deals available.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">More focused on your credit rating? Well, get started for free with&nbsp;<a href=\"https:\/\/www.check.co.uk\/register\" target=\"_blank\" rel=\"noreferrer noopener\">Credit-Score\u2019s 24- Factor Credit Check<\/a>&nbsp;to truly help you improve your creditworthiness and how lenders view you. (Remember: lenders don\u2019t use your credit score! We\u2019ll show you what lenders look for and how to get your credit report in the best shape possible).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<hr class=\"wp-block-separator is-style-wide\"\/>\n","protected":false},"excerpt":{"rendered":"Lifetime ISAs, or LISAs, are a popular savings product offered by banking firms. Here&#8217;s all you need to know about the risks and benefits.\n","protected":false},"author":19,"featured_media":5123,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[515,285],"tags":[506,507,508,620,767,477,768,558,769,770,700,771,772,773,621,774,482,775,776],"class_list":["post-357","post","type-post","status-publish","format-standard","has-post-thumbnail","category-guides","category-personal-finance","tag-buying-a-home","tag-buying-a-home-for-the-first-time","tag-buying-a-house","tag-creditscore","tag-deposits","tag-first-time-buyer","tag-home-deposit","tag-homebuyer","tag-isa","tag-isas","tag-lifetime-isa","tag-lifetime-isas","tag-lisa","tag-lisas","tag-mortgage-score-home","tag-saving","tag-saving-for-a-deposit","tag-what-is-a-lifetime-isa","tag-what-is-a-lisa"],"acf":[],"featured_image_src":"https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2022\/01\/josh-appel-NeTPASr-bmQ-unsplash-1.jpg","author_info":{"display_name":"Robert Edwards","author_link":"https:\/\/www.check.co.uk\/blog\/author\/conor-mullinsaffalo-co-uk\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Lifetime ISAs: What you need to know | Credit-Score UK<\/title>\n<meta name=\"description\" content=\"Lifetime ISAs, or LISAs, are a popular savings product offered by banking firms. Here&#039;s all you need to know about the risks and benefits.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.check.co.uk\/blog\/money-matters\/personal-finance\/lifetime-isas\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lifetime ISAs: What you need to know | Credit-Score UK\" \/>\n<meta property=\"og:description\" content=\"Lifetime ISAs, or LISAs, are a popular savings product offered by banking firms. 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