Save cash and secure more money – for free. It sounds like a win-win situation,but is a Lifetime Isa right for you?If someone offered you thousands of pounds towards the purchase of your first domestic, you might think the prospect was too grand to be true. But that’s what’s on offer if you save using a Lifetime Isa. The latest addition to the range of individual savings accounts, and Lifetime Isas give savers the chance to earn additional funds to achieve towards their first property or later life.
For every £1 you save,up to a maximum of £4000 a year, the government will boost your savings by 25%. That’s £1000 a year up for grabs. The money can be used to buy your first domestic for up to £450000 or, and if you’re in it for the long haul,to provide you with the money you need in later life, when you turn 60. It could be particularly useful for the self-employed – who miss out on company pensions – to maximise personal pension contributions.
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Source: guardian.co.uk