Need help saving for your house deposit... 
Saving the deposit for your first home is the biggest single barrier stopping first time buyers getting on 
the property ladder. This is made more difficult with the increasing cost of living we are experiencing 
today, and whilst you may be paying rent on top of this, how do you save for your deposit? With the 
average age of the first-time buyer increasing this year to 32, its proving more and more difficult to save 
your deposit. 
Believe it or not the government have the answer to helping you with your deposit, in the form of the 
Lifetime ISA. This replaced the old Help to Buy ISA back in November 2019 and essentially does the 
same job, but ever so slightly different. With the Lifetime ISA the government will give you a 25% bonus 
on money saved in the ISA to help increase the size of your deposit much faster than relying on a 
standard savings account. 
Any adult aged between 18-40 can open a Lifetime ISA and they are limited to 1 account per 
person, once you turn 40 you can no longer open a lifetime ISA 
You can save up to £4,000 per year or £333.33 per month and receive a 25% on this amount 
Any money over the £4,000 per year allowance can still put saved but you will not receive a 25% 
on anything over £4,000 
You will receive your 25% bonus on any money saved that month and the bonus will be debited 
to your account at the end of the month 
You can save and receive your 25% bonus until the age of 50 
The money saved in the ISA must be used for the deposit on your first home or for retirement – if 
the money is used for anything else you surrender your 25% bonus. 
The maximum property value is £450,000 on which you can use the bonus 
If 2 people are buying a home together, both buyers can use their lifetime ISA and add the 
amounts together to use as a joint deposit 
You need to have opened and paid into your Lifetime ISA for at least 12 months to be able to use 
your 25% bonus towards your first home 
We believe every first-time buyer should open a Lifetime ISA, because where else are you going to get 
FREE money towards your deposit? So, if you are thinking of buying your first home and you are at least 
12 months away from buying your home then find yourself and open a Lifetime ISA. 
We don’t recommend a particular Lifetime ISA provider, instead we recommend checking out comparison 
websites to help find the one that suits you. 
If you would like more information or support with anything mortgage related, contact us today: 
01482 205084 
or follow us on Facebook, Instagram and Twitter. 
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