Get a free £10k towards your first house deposit #moneytips #podcast #firsttimebuyer

Here's how to get a £10k FREE... The video title refers to the potential total government bonus a couple can earn through Lifetime ISAs (LISAs) over 5 years, which can be used toward their first home deposit. - Each individual must be between 18 and 39 years old to open a LISA. - Annual Contribution: Each person can contribute up to £4,000 per year. - Government Bonus: The government adds a 25% bonus to the contributions, up to £1,000 per year. Calculations for One Individual Over 5 Years: - Save £4,000 per year - Annual Bonus: £1,000 - Total Bonus Over 5 Years: 5years × £1,000 per year = £5,000 So total deposit = £4,000 x 5 plus £1,000 bonus x 5 = £25,000 If you are buying a house with someone else (i.e. a couple) then you can both have your own Lifetime ISA so doubling the amount you can save and the bonus you can earn. So over 5 years you save a total of £40,000 between you with a total government bonus of £10,000 FREE. The bonus can be used toward the deposit for a first home priced up to £450,000, provided the LISA has been open for at least 12 months. Retirement: Alternatively, the funds can be used for retirement savings, accessible tax-free after age 60. Early Withdrawal Penalty: If the funds are withdrawn before age 60 for reasons other than buying a first home, a 25% penalty applies, effectively reclaiming the bonus and possibly imposing a charge on the original contributions. Watch the associated video for other tips on how to get on the property ladder. #FirstTimeBuyer #HomeBuyingJourney #MortgageTips #PropertyLadder #HomeOwnership #SavingForAHome #FirstHome #HouseHunting #FinancialFreedom #DreamHome #moneygoals

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