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The Lifetime ISA is a new, modern way for first time buyers in Hull to get onto the property ladder and move into their dream home.
An ISA, or Individual Savings Account, is a savings vehicle for accumulating funds for a mortgage. The Lifetime ISA, in particular, offers more than a basic savings account. With a Lifetime ISA, the more you save, the greater the benefit. Additionally, all contributions and returns in a Lifetime ISA are tax-free, making it an attractive option for savers who want to keep more of their hard-earned money.
It’s crucial to remember that withdrawals from a Lifetime ISA should be avoided after saving for a deposit, this is because you will get charged every time that you withdraw. When beginning the mortgage process, inform your mortgage advisor in Hull of your Lifetime ISA, and they will guide you on how to use it as your deposit. Your solicitor requires the savings to remain in the ISA for it to be eligible for use.
You have the flexibility to make deposits into your savings account weekly, monthly, or yearly. As a mortgage broker in Hull, we suggest depositing on a weekly or monthly basis.
Your Lifetime ISA yearly savings is capped at £4,000, approximately equating to £333 a month. At the end of every tax year, you the government will top up your savings by 25% of whatever you have saved. So, if you manage to save the maximum of £4,000, you will receive £1,000 extra in your ISA. Even if you manage to save £2,500 in the year, you will still gain a £500 bonus.
That’s how easy it is! Just save and watch your money grow.
Once your money has been deposited into your Lifetime ISA, it will cost you to take it back out. So, yes, you can withdraw from your ISA, but you will be charged a 25% withdrawal fee. If you want to take out all of the money inside of your ISA valued at £1,250 (including a year’s £250 bonus), you will only get £1,000 and your bonus will be taken back off you. This is why we recommend that you only deposit into your Lifetime ISA if you are certain that you will not need that money for anything else. If you have a busy month planned, you may be best lowering your weekly Lifetime ISA deposits so that you are not withdrawing at the end of the month.
The Lifetime ISA can only be used to buy your first home or as savings for later in life. As a mortgage broker in Hull, we are only able to offer our help when you are buying your first property. Check out our Lifetime ISA YouTube video below or continue down the page to find out whether you qualify for the scheme.
If you have a Lifetime ISA and are looking to begin your mortgage process, we have mortgage advisors in Hull ready to help you with the process. We will help you find the most appropriate deal based on your personal and financial situation. With your Lifetime ISA and potential own savings, you may have a large deposit ready to put down a property.
At Hullmoneyman, all customers can easily book a free mortgage appointment by answering a few questions in our get started form. If you want to find out more about the Lifetime ISA and how it can help you get a mortgage, feel free to reach out to us. We are available 7 days a week, from early mornings to late evenings or weekends. Choose a date and time that works best for you!
In order to access government-led mortgage schemes, including the Lifetime ISA, you must first meet certain requirements. Here’s a list of the Lifetime ISA requirements:
Our mortgage advisors in Hull are often approached by couples wanting to combine their Lifetime ISAs. This is allowed, even if one party already owns a property. It’s possible to open a Lifetime ISA while owning a house, but unless merged with an applicant who has not purchased property, funds can only be used for later-life savings, which can be withdrawn at age 60 or above.
For over 20 years, we’ve helped thousands of customers through the mortgage process, including those using government schemes like the Lifetime ISA. If you’re using your ISA savings to buy your first property, let us help you navigate the mortgage process.
We’re proud of our positive customer reviews that reflect the high value our clients place on our service. Customer satisfaction is at the centre of our company; check out our amazing reviews to see whether we have helped someone who has had a similar experience to you.
We can search thousands of mortgage options to find the best fit for you. Our panel holds a variety of both high street and specialist lenders, and we’ll consider your personal and financial situation, affordability, income, expenses, deposit, and more, before recommending a product. Your mortgage advisor in Hull will consider all factors before presenting you with the best deal.
Getting mortgage advice in Hull has never been easier. At Hullmoneyman, we will be transparent and responsive throughout the whole process – our aim is to try and save you both time and money.
You can book your free mortgage appointment online today or over the phone. We can’t wait to help you with your Lifetime ISA in Hull.
4.98 Rating678 Reviews
Nathan
Great service, very helpful. From a first time buyer
Tom
Matt has been brilliant all the way through kept in touch and explained everything in detail. Would certainly recommend !!
Kristy
Chris went above and beyond to help me obtain a morgage, after many set backs we eventually got the result we wanted.. couldn't be any more grateful
Mark
As always very helpful with what we required
Natalie
Happy we went with hullmoneyman when we got our first mortgage coming up to 4 years ago, they've been helpful and fully informative all the way. Would highly recommend
Freya
Brilliant service, we could always get in touch and ask whatever questions we needed. Being first time buyers this has been new and stressful territory and it was much easier knowing we could trust Hull Moneyman.
Martin
Swift and very helpful, they was my go to people for anything I was worried about as a first time buyers and put my mind to rest.
Jason
Stacie and Dinah have saved me more money yet again. I remortgaged my house last month when mortgage rates were high due to a lot of uncertainty in the market. It is due to complete at the end of this month and since then rates have gone down. I...
Kelly
Massive thank you to Jason at hull Moneyman who has been amazing throughout the whole process of getting a mortgage. I highly recommend this company who make things so much easier. Very professional and helpful.
Stacey
We have today completed on our first property purchase and cannot thank Chris Thompson enough. Chris is incredibly knowledgable, professional and has excellent communication skills which made the whole process stress free from the start. A huge...
Kirsty
As a first time buyer Wayne and the team were so helpful and supportive. Right from the initial consultation Wayne took the time to listen to me, answered all of my questions and gave recommendations based on what I was saying. There was never any...
Katarzyna
Fantastic, friendly and efficient. I have been used the service for the second time and would recommend to anyone.
Agnieszka
We are buying house second time with Hullmoneyman and we are pleased with the service. Team is fantastic and very professional Charlie Bryson - our advisor section time did everything in very professional manner and with prompt response for our...
Cameron
Amazing, was really pleased with the service from Chris & Lizzi. Really appreciate everything they’ve done for me. Would definitely recommended!
Anonymous
Nice and helpful without the hassle of doing it yourself
Anonymous
Always knowledgeable, friendly and helpful - an excellent and efficient team whose services I have called on several times over the last 18 years and would highly recommend.
Emma
Thank you Conor for your help and guidance you made the process easy and explained everything Thoroughly.
Wayne
This was my second time using UK moneyman and will definitely be recommending them! Stacey provided an excellent service and was very efficient. Thank you Stacey for all your help, offer turned up earlier than expected 😉
Idris
I found Dinah at UKMONEYMAN very helpful and supportive all the way through my application. All my questions were answered in a timely manner with clear explanation. Dinah was always available whenever I required something. Thank you for your...
Danny
Excellent service, answered all questions and queries. Dinah was fantastic
Our free initial mortgage consultation will last roughly 30 mins. Lucky for you, as an experienced Mortgage Broker in Hull, we can turn around an Agreement in Principle within 24 hours. All we need is a quick phone call to gather the necessary information. A formal mortgage offer takes about three to four weeks on average.
If you’re an employee, you will usually have to supply three payslips and the latest P60 to prove your income. If you are Self Employed in Leeds, it is typically the latest two years’ tax calculations and correspondings overviews. You will also need to provide proof of ID (Driving license or Passport). Proof of Address (Utility bills, tax bills or credit card statements) and three months’ bank statement. You are proving the deposit built up with an explanation for any significant credits.
The good news is it may be possible to get a mortgage if you are self-employed in Hull. To qualify, you need to submit at least one years’ accounts. Doing so will help to increase the likelihood of obtaining a mortgage. Most lenders take a look at your salary plus dividend to calculate the maximum mortgage amount. Others may go off your net profit. It all depends on the lender.
The good news is that you may find it a bit more challenging to obtain a mortgage despite having previous credit issues on your record. But it doesn’t mean it’s impossible, and you may still be able to get one! It just means that some Lenders may ask for a slightly higher deposit of around 10-15%.
Most high street mortgage lenders will usually ask for a minimum of a 5% deposit. This percentage may be higher depending on your previous circumstances, e.g. if you’ve had any past credit issues.
The good news is it is possible to have two mortgages in Hull running simultaneously, as long as you can afford to repay the monthly instalments on each of them. If you’re looking to accomplish something like debt consolidation or home improvements, you may be able to place a second mortgage on your home.
An Agreement in Principle typically lasts for 30-90 days. However, this timeframe is up to the Lender. If your Agreement in Principle expires, worry not; you can renew it by getting back in touch with your Mortgage Advisor in Hull.
As a Mortgage Broker in Hull, we recommend that you obtain an Agreement in Principle (AIP) as soon as you can, preferably before you start viewing properties. Having an Agreement in Principle in place when you are viewing houses could potentially allow you to negotiate prices.
Our mortgage process consists of multiple different steps. The first step is to get in touch, and one of our trusted mortgage advisors in Hull will carry out a Fact Find to get a bigger picture of your mortgage situation.
Secondly, you’ll undergo your free mortgage consultation, and your assigned dedicated Mortgage Advisor in Hull will begin searching for mortgage deals that match your circumstances. If they find you an offer that you are happy to proceed with, we can get the ball rolling with your mortgage application.
Next, they will perform a credit check on you to obtain an agreement in principle. Some evidential documents will be required from you to help back up your mortgage application.
Lastly, they will submit your mortgage application and wait for a formal mortgage offer to be issued.
Your free initial mortgage consultation with your dedicated Mortgage Advisor in Hull will last around 30 mins. During this consultation, we will get to learn a bit more about your mortgage needs and what you are looking for. Once we know more about your personal and financial situation, we will start looking for mortgage deals that will match you perfectly.
A telephone test call where we can take some initial details and find out about your plan of action.
Obtain an Agreement in Principle to support any future offers you wish to make. Now the fun starts, enjoy finding a property!
Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.
Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
A telephone call where we can take some initial details and find out about your plan of action.
Enjoy finding a property!
Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.
Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
