Ben Jones and his partner used a clever trick to enhance their deposit when buying for the first time
Ben Jones, 29, had started putting £200 a month into the pot in 2020, when he first started thinking realistically about getting on the property ladder for three years when he realised that he wouldn’t actually be able to use the money to fund his house deposit.
He transferred £4,000 into his Lifetime Isa in March last year, waited for the new tax year to start in April, then transferred the rest, topping it up to the £4,000 limit. As the Government boosts your savings by 25 per cent, this added a total of £2,000 to his deposit savings.In the end, Mr Jones and his partner completed on their new property, a four-bed detached house worth £372,000, just two months later, having built up a 10 per cent deposit.
If you go back further, the figures are even starker. According to Savills, in the early 90s the average house cost the equivalent of £100,000 to £125,000 in today’s money – less than half of what a property costs today. In the 60s, the average house cost about £60,000 in today’s money. Most investment platforms will offer a stocks and shares Lifetime Isa, while building societies and smaller banks are likely to have cash Lifetime Isas.
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