First-Time Buyer Using the Lifetime ISA for a Deposit Boost
£210,000 · 30 years · 4.89% fixed 5 yrs. A first-time buyer had been saving into a Lifetime ISA for three years and was entitled to a £4,000 government bonus on top of his £16,000 of personal savings - creating a £20,...
The Client
First-time buyer
The Challenge
A first-time buyer had been saving into a Lifetime ISA for three years and was entitled to a £4,000 government bonus on top of his £16,000 of personal savings - creating a £20,000 deposit. LISA withdrawals for property purchase require co-ordination with the mortgage application timeline and the property price must not exceed £450,000.
Our Solution
Doulton guided the client through the LISA withdrawal process, ensuring the property price was within the £450,000 limit and that the LISA provider's timeline was built into the legal process. The £4,000 government bonus represented a 20% boost to his personal savings.
The Outcome
LISA bonus claimed in full. Deposit boosted to £20,000. First home purchased below the £450,000 LISA threshold. The client effectively received £4,000 of free government money - a material boost to his deposit. Key highlights: £4,000 LISA bonus claimed - 20% boost to personal savings; LISA withdrawal timeline co-ordinated with legal process; Property priced within £450,000 LISA eligibility threshold.