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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 Rating645 Reviews
Mark
Always helpful and attentive, easy to talk too and nice to deal with someone who lives in the same area. Highly recommended
Lauren
Extremely happy with the service we received! We had Matt Collinson and Megahn Robinson helping us with our Mortgage and they were incredible. As first-time buyers, we had a lot of questions and Meghan helped us to understand everything and...
Paul
Dealing with Hull Money Man is always a pleasure. All the staff are happy to help, are accommodating and arrange appointments to suit. You feel like you are in good hands. I would recommend them.
Lee
Leo and Stacey at Hullmoneyman have provided a fantastic service; friendly, helpful, knowledgeable and personable. I will definitely use the service again.
Richard
Amazing quick service. Helped find us a mortgage right for our situation. The team kept us updated and informed throughout the process. They were swift to respond to our queries and really good at being able to deliver in our very short...
Anonymous
Good communication and job well done.
Anonymous
Good communication and job well done.
Jason
Both Dinah and Stacie my mortgage broker and case handler were professional, quick to communicate, and simplified the mortgage process which helped reduce a stressful and potentially complex process. They were available to answer all my...
Jason
Both Dinah and Stacie my mortgage broker and case handler were professional, quick to communicate, and simplified the mortgage process which helped reduce a stressful and potentially complex process. They were available to answer all my...
Alexandra
We have used Hullmoneyman 3 times now and each time the process has been seamless. We are kept informed throughout the process both by telephone and email. We wouldn’t use anyone else. Thank you
Jennifer
Thankyou for making the whole equity release experience straight forward from day one to completion of my lifetime Mortgage.
Anita
Really helpful, explained things so we understood. Got us the best deal for our circumstances. All this whilst we had a toddler running round in the background! Thanks!
Michael
This the second time I have used Moneyman in five years. I can without hesitation say they are very professional know the market and everything is done for you. Thank you once again and I shall inform friends and family of your company. As an...
Lee
I have used Hullmoneyman for several years now and would highly recommend them. They are always on the end of the phone for advice. Fantastic service from all the team.
Josh
Very helpful firm, good to deal with and explained different options to help us get the offer we needed. Thank You!
Thomas
Very good service. Malcolm and his team are fantastic and I would advise anyone to use them.
Anonymous
As an older couple we have really valued the information Anna and Dan have given to us about our product. Nothing was too much trouble and they were patient and really put our minds at ease. Cannot recommend them enough - thank you Dan and Anna! ...
Shaunna
From start to finish the team at Hullmoneyman has been phenomenal. Matt was appointed as my agent and Lynsey as my case manager. My application process has not been simple but Matt has explored every avenue to ensure that I have received the best...
Ryan
I can't recommend these enough, I'm a first time buyer and it was really easy and simple. They did everything for me. Made buying a house so simple.
Jessica
Can't thank the team at UK Moneyman enough for making the process of my remortgage quick and easy and for being so accessible for any questions I had along the way! Thanks
Our free initial mortgage consultation will last roughly one hour. 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 an hour. 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.
