Help-to-buy ISA vs Lifetime ISA (LISA)

If you are saving to buy a home, then you should think about opening a Help-to-buy ISA or a Lifetime ISA.

There are slightly different rules and eligibility criteria that apply to each, so we have summarised this in the table below, to help you choose which is best for you.

 

 

LIFETIME ISA HELP TO BUY ISA
How much can I save? £4,000/year £2,400/year (£3,400 in first year)
How to save: Lump sums or monthly Monthly – up to £200/month
Max property price? £450,000 £250,000 (£450,000 in London)
How quickly can you use it? After 12 months Once you have saved £1,600 (you can do this in 3 months)
When’s the bonus paid? Monthly On completion when you buy a home
Who is eligible? Anyone aged 18 to 39 Any first-time buyer aged 16+
Cash or shares ISA? Either Cash only

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