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A Lifetime ISA in Nottingham is a savings scheme designed to help first-time buyers build up a deposit for their home.
It allows you to save up to £4,000 each tax year, with the government adding a 25% bonus on top. This means for every £4,000 saved, you receive an extra £1,000.
While our mortgage advisors in Nottingham can help you secure a mortgage, the Lifetime ISA is set up separately to boost your deposit savings. You’ll still need a mortgage when the time comes, and that’s where here to help.
Your savings can be added to a Lifetime ISA in Nottingham either as a lump sum or in smaller deposits throughout the year.
The government bonus is paid monthly, meaning your balance grows faster than with a standard savings account.
When you’re ready to buy your first home, the funds are transferred directly to your solicitor to put towards your deposit.
The ISA must be open for at least 12 months before you can use it for a property purchase.
To use a Lifetime ISA in Nottingham for buying a home, you must be a first-time buyer aged 18-39 when opening the account.
The property must be purchased with a mortgage and have a value of £450,000 or less.
If you withdraw funds for anything other than a first home, a penalty applies, reducing your savings.
As a mortgage broker in Nottingham, we can help you understand how your ISA savings fit into the home-buying process.
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This was my third mortgage with Nottinghammoneyman and they were excellent as always. There were lots of issues with the lender and they took the stress off by chasing them for me a lot.
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Both Dinah and Jo were great,friendly patient when answering my questions and throughly professional at all times. I am a first time buyer so knew nothing of the process involved. So thank you Dinah and Jo you couldn't have made it any easier for me
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Emma
Malcolm was very patient, with me taking a long time to choose a property and with me being very indecisive. He support me through the whole thing and was always at the other end of the phone for any question or support!
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All ways out standing all ways there to help and find a very good deal 5 star service every time
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Fantastic communication from everyone. Helpful and supportive at every step, couldn't ask for more.
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Great customer service. Replied to all my queries quickly and efficiently
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Margaret
Charlie Bryson and Stacey Moss have been fabulous. Charlie's knowledge as a broker is amazing secured me a mortgage at 61 and a first time buyer I was so nervous Charlie and Stacey have been so friendly and kind keeping in contact at every step of...
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4 months ago
Craig
Service, advice and support has been outstanding, Friendly and knowledgeable, always happy to help, not only for our mortgage but other services too. Would recommend their service to anyone.
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Very professional, friendly and extremely fast & efficient service, would highly recommend!!!
4 months ago
Priscilla
Charlie always makes the process painless with his efficiency and knowledge. Would definitely recommend.
4 months ago
Gabriel
The Nottingham moneyman team have been fantastic. Our house buying process was far lengthier and more complicated than we had expected but they were there every step of the way. Very responsive and always helpful. Would definitely recommend them to...
6 months ago
Jessica
My dedicated advisors, Charlie and Jo, have been absolutely fantastic in helping me to navigate the very stressful task of purchasing my first home. Many thanks to both
7 months ago
Dave
Quick and efficient service, Charlie very nice to deal with and gave clear advice. Debbie was diligent, friendly and clear. Appreciate the assistance with securing a mortgage at a reasonably tricky time for borrowing.
7 months ago
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Would recommend this company. Good service.
7 months ago
Anonymous
Dealt with everything very efficiently and sorted out a minor issue very quickly. Good communications.
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3rd mortgage I've got through Chris and the team! 10/10 will use again.
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We first used Nottingham Money Man 5 years ago, our case was far from straight forward however Matt made the whole process easy. This lead us back to using Nottingham Money Man again recently as our fix term was due to expire. This time I dealt with...
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Yes, you can combine your Lifetime ISA in Nottingham savings with other government schemes, such as Shared Ownership or the First Homes scheme.
However, you cannot use it alongside the Help to Buy ISA, as you can only claim the bonus from one of them. The Help to Buy ISA closed to new applicants in 2019, but if you already have one, you can still use the savings and bonus towards your first home.
If you are looking for mortgage advice in Nottingham regarding the Help to Buy ISA, please get in touch with our team.
If you take money out of your Lifetime ISA in Nottingham for anything other than buying your first home, a 25% government withdrawal charge applies.
This means you could get back less than you originally put in, so it’s best to leave the savings untouched until you’re ready to buy.
This is why we always recommend only putting in what you afford.
Yes! If you’re purchasing with another first time buyer who also has a Lifetime ISA in Nottingham, both of you can use your savings and government bonuses towards the deposit.
If your partner is not a first time buyer, you can still use your Lifetime ISA, but they won’t be able to use one themselves.
When you’re ready to purchase, your Lifetime ISA provider will transfer the funds directly to your solicitor.
Your solicitor will inform you when the money needs to be released, and this can usually be done through your provider’s online portal or app.
It’s important to follow the correct process, as withdrawing the funds yourself could result in a 25% government penalty.
If your home purchase doesn’t go ahead, the funds will be returned to your Lifetime ISA without penalty. You can then use them for another property in the future.
If you choose to withdraw the money for another reason, the 25% charge will apply.
No, a Lifetime ISA in Nottingham must be opened in an individual name, as joint accounts aren’t available.
However, some providers allow you to link accounts through their app or online portal, making it easier to track savings together if you’re both saving for a first home.
To make the most of your Lifetime ISA in Nottingham, aim to save the full £4,000 allowance each tax year to receive the maximum £1,000 government bonus. This would equate to a total or £5,000 saved over the year.
Setting up regular contributions can help you stay on track, and some providers offer interest on your savings, boosting your total even further.
If you’re buying with a partner, both of you can use a Lifetime ISA, doubling the potential bonus towards your first home.
Choose a Lifetime ISA provider and open your account if you’re aged between 18 and 39.
Some providers allow you to manage everything online or through a mobile app.
You can save up to £4,000 each tax year, with the government adding a 25% bonus.
Regular contributions can help you reach your deposit goal faster.
Once you’ve built up your savings and are ready to start house hunting, speak to our mortgage advisors in Nottingham.
They’ll help you find the right mortgage and guide you through the next steps.
Once you’re happy with the mortgage we’ve found for you, it’s time to submit your application.
Your solicitor will request the Lifetime ISA funds, which will be released at the end of the process to go towards your deposit.
Our mortgage advisors in Nottingham have years of experience helping first time buyers navigate the home-buying process.
We’ll explain everything clearly, ensuring you understand your options.
From finding the right mortgage to answering your questions, we’re here to support you every step of the way.
We take the time to understand your situation before searching for a mortgage that fits your needs.
Whether you’re using a Lifetime ISA in Nottingham or other savings, we’ll ensure your mortgage aligns with your budget.
Our advice is personalised, giving you confidence in your next steps.
Buying your first home can feel overwhelming, but we’ll make it as straightforward as possible.
Our team will handle the paperwork and liaise with lenders on your behalf.
You’ll receive regular updates, so you always know what’s happening with your application.
From your first enquiry to collecting your keys, we’re by your side throughout the entire journey.
As your mortgage broker in Nottingham, we are dedicated to making the process smooth and hassle-free.
Even after your mortgage is approved, we’re here to help with any questions you may have.
For every £4,000 you save, the government adds an extra £1,000, helping you reach your deposit goal faster.
This bonus can make a real difference when securing a mortgage for your first home.
The Lifetime ISA in Nottingham allows you to grow your deposit without paying tax on the interest or government bonus.
This makes it a more efficient way to save compared to standard savings accounts.
While you’ll need to arrange the Lifetime ISA separately, the funds can be used when securing a mortgage.
Our mortgage advisors in Nottingham can guide you on how your savings fit into the home-buying process.
You can contribute as much or as little as you like each year, up to the £4,000 limit.
Whether you prefer regular payments or a lump sum, the flexibility helps you save in a way that suits you.
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Nottinghammoneyman.com & Nottinghammoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 9 Gallows Lane, Beverley, United Kingdom HU17 7FJ.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk.
© Nottinghammoneyman 2025.
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Nottinghammoneyman.com & Nottinghammoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 9 Gallows Lane, Beverley, United Kingdom HU17 7FJ.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk.
© Nottinghammoneyman 2025.
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