Should first-time buyers consider opening a Lifetime ISA?

Lifetime ISAs, which have been designed to help first time buyers get on the property ladder have proved a hit almost straight away. 166,000 accounts were opened and £517m deposited in those accounts in their first year.

Introduced in 2017, Lifetime ISAs provide a great alternative to the soon to be discontinued Help to Buy ISAs.

Reports show an increasing share of all property purchases in London have been by first-time buyers in London – the highest share for over a decade.

Lifetime ISAs allow first-time buyers to gain a bonus on their savings to put towards their first property.

The 25% bonus provided by the Government, allows individuals to gain up to £1,000 tax-free cash to put towards properties costing £450,000 or less.

Stephen Ludlow, Chairman at ludlowthompson, says: “It’s great to see the Government offering such schemes to give first-time buyers a boost.”

“Lifetime ISAs offer huge flexibility and carry a lot of the same benefits as Help to Buy ISAs, which proved to be a popular way to assist first-time buyers get onto the property market.”

“However, Help to Buy ISAs are going to be removed soon, Lifetime ISAs should certainly be considered as an alternative by those looking to maximise their savings.”

ludlowthompson maintains its transparency by encouraging customer reviews across a number of platforms. Over a three-year period, we ranked number 1 agent in the UK on allAgents out of 15,000+ agents, with 5300+ 5* reviews. Here is a selection of recent reviews of happy customers of ludlowthompson via Google Reviews:

Nirav via google reviews:

A very professional agency, Vijay from the Docklands team was excellent, he ensured that the process was smooth and efficient! We always felt that we knew exactly what was happening with our application. Very happy with the service received and would recommend!”

Anna G via google reviews:

“Terence and Emma from the Bow team were great professionals and really helped during what was a very stressful period when buying a home. They always kept me in the loop of what was going on, at times more than my own solicitor. Would highly recommend working with them when purchasing or selling a property."