First Home Calculator
Savings go into a Lifetime ISA first — £4,000 a tax year, 25% bonus on top — and the overflow into ordinary savings. Both grow at the rates you set, and the projection gives the month they reach your deposit.
How the Lifetime ISA works
- Who can open one. Age 18 to 39 to open one, then pay in until 50.
- The bonus. 25% on what you pay in, up to £1,000 a tax year, paid monthly. The £4,000 you can pay in sits inside your £20,000 ISA allowance, not on top.
- Using it for a first home. First-time buyer, a property of £450,000 or less, account open 12 months. The money goes to your conveyancer, not to you.
- Buying together. Two first-time buyers can each use their own Lifetime ISA on the same property — up to £2,000 of bonus a year between you. The £450,000 cap applies once, to the property.
- Taking money out for anything else. Before 60, and not for a qualifying first home, a 25% charge applies to the whole withdrawal — your money and the bonus — so you get back less than you put in. Pay in £4,000, take the £1,000 bonus, withdraw the £5,000 early, and £3,750 comes back: a 6.25% loss on your own money.
- How long these rules last. They are confirmed unchanged until April 2031.
Savings go into the Lifetime ISA first, up to £4,000 a tax year, and the rest into ordinary savings. Estimates only — not financial advice.
Add your details above and press Calculate to see your projection.