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the new ISA for first time buyers
@financemattersuk
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Promoted product
First Time Buyer ISA
Product placement
Lifetime ISA (LISA) - A type of savings account that gives you a bonus on savings used for buying your first home. It is being replaced by the First Time Buyer ISA (FTB ISA). The FTB ISA is a new product that will help first time buyers save for their first home. It includes a government bonus and means you don't need a withdrawal charge. It also has no upper age limit and can be used for cash or stocks and shares. The Help to Buy ISA (HTB ISA) is a similar product to the FTB ISA but has some restrictions.
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5 of 22nContern1/1n10 of 22n19 of 22nChapter 6nDesign featuresnsummarynFig. 1 How the FTB ISA will worknCHANGE NO.1nno withdrawal penaltynWITHDRAWALnTransfersnbetween othernISA typesnTransfers innallowed up tonsubscriptionnlimit. Transfersnout to S&Snallowed, butnlose the bonusneligibility.nTransfers out tona Cash ISA arenbanned.nTransfersnbetween thensame type ofnbuyer productnTransfersnbetween othernISA typesnTransfers innallowed up tonannual limit,nbut subject tonthe 25% withdrawalncharge.nTransfers out tona Cash ISA arenbanned.nTransfers innallowed up tonthe £4,000nannual limit.nTransfers outnallowed, butnsubject to then25% withdrawalncharge.nTransfers innallowed up tonthe £200nmonthly limit.nTransfers out,nallowed butnlose the bonusneligibility.nAge LimitnMust be 18 ornover to open annaccount, withnno upper agenlimit.nMust be 18 ton40 to open annaccount, withnno subscriptionsnallowed over 50.nNew accountsnclosed tonapplicants, withnsubscriptions tonexistingnaccounts stoppingnin Novembern2025.nSubscriptionnlimitsnAnynsubscriptions.n£4,000 a year.nMax £20,000nover a lifetime.n£200 monthly.nMax £1,200nper year.n£200 monthlynUser opening.n£200nCHANGE NO.2nno upper age limitnISAnSAME AS LISAnyou must be 18 years oldn12 month periodnno cash buyersnMust use with anmortgagenYesnYesnYesnSAME AS LISAnstocks & shares optionnISAnAREnFIRSTnOFFICIALnUNCONFIRMEDnofficial bonus ratenASSUMPTIONnBUTnOFFICIALLYnTOnCONFIRMATIONnUNCONFIRMEDncontribution limitnISAnVALUEn£450Kn£450,000nWITHnISAnCONFIRMEDnTHEREnWILLnISAnBUYERnOPINIONnHOLDnINTOnPRODUCTSnYEARnHELDnANDnTHEnISAnCONTINUEnYEARnNEXTnUTILISEDnDE CnDECEMBER 2030nBEnACTUALLYnFUNDSnDIFFERENTnTHEnHELPnYOU'DnABLEnTHATnBUYERnWISHnPRODUCTnEXPECTEDnAPRIL 2nAPRIL 2028nCONSULTATIONnMOVINGnESSENTIALLYnTHINGSnADDEDnCONSULTATIONnUNTILnCURRENTLYnPAYINGnYOU'REnANnNOnONEnSOnACCESSnTIMEnEFFECTnTHEnPEOPLEnTHERE'LLnPROPERTYnCAPn£450,000nPERSONALLYnINCREASINGnBONUSn25%nDOnTHATnWITHDRAWALnSOnTHEnARE
Original caption
The Lifetime ISA is being replaced 🏡 I read the consultation so you don’t have to! Here are the key things we know at the moment. Worth noting that it’s still a consultation so we *could* see changes.
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