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Find out the next steps to turn your Lifetime ISA into your first set of keys.
All that saving has finally paid off and you’re ready to take your first steps onto the property ladder. As a first-time buyer, you can use your Lifetime ISA to help towards purchasing a property.
To be eligible, you must meet the terms set out by the Government:
Personal criteria
You are a first time buyer
You are a resident in the UK
You are aged between 18 and 39 years old
Property criteria
The property is in the UK
The property price is £450,000 or less
You will be living in the property as your main home
The purchase is of legal interest on land (for example not a houseboat)
Account and withdrawal conditions
It must be at least 12 months since the first contribution was paid into the Lifetime ISA
The property is purchased with a loan (mortgage)
The withdrawal amount is not greater than the purchase price
Here’s what to expect:
Our Customer Services team is here to help. If you have any questions or need further assistance, please don’t hesitate to reach out to us.
Mortgage protection can provide financial support if you become seriously ill and can’t work. Think of it as a financial safety net that helps to repay your outstanding mortgage in these circumstances, so you have one less thing to worry about.
Protection is personalised and depends on your personal circumstances. Our dedicated Financial Advisers can help guide you through your options at no extra cost to you. They’ll explain your options and the different types of cover.
No, you don’t need to withdraw all the money from your Lifetime ISA for your home purchase. You have the flexibility to choose how much you’d like to withdraw. Any remaining funds will stay in your Lifetime ISA, and you can continue to contribute and benefit from the Government bonus until you are 50.
Remember, any remaining money can be accessed in the Lifetime ISA without a penalty from your 60th birthday onwards. If you withdraw any money before then and it’s not for a qualifying house purchase, the Government penalty will apply.
It’s important to be aware of the Government withdrawal charge associated with your Lifetime ISA. Here’s what you need to know:
Our customers and members rate us 4.7 out of 5 for our service
2.4m customers in the UK, US, and Canada, with £5.6bn UK FUM
Managing family finances and making a positive impact for over 150 years
Financial Advisers, expert investment managers, and exclusive benefits
If you open an Lifetime ISA with us you become a member, and will have access to a range of exclusive benefits at no cost.
Member benefits are not regulated by the PRA or the FCA and may change in the future.
We are here to help with any queries about your Plan, our service, products or anything you want to know about Foresters Financial.
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About member Benefits
Description of member benefits that you may receive assumes you are a Foresters member. Members must be 18 years of age or older and must have an active Foresters Plan and maintain it in good standing. Foresters member benefits are non-contractual, subject to benefit specific eligibility requirements, definitions and limitations and may be changed or cancelled without notice. Member benefits are not regulated by the Prudential Regulation Authority or the Financial Conduct Authority and may change in the future.