The Nottingham launches LISA and pledges to help first-time buyers

Michael Lloyd

March 22, 2019

Nottingham Building Society has launched a Lifetime ISA and pledged that people opening an account can later speak to a Nottingham adviser at no extra cost.

The Nottingham said the adviser will compare thousands of mortgages from across the market and find the right deal.

Tina Hayton-Banks, director of member services at The Nottingham, said: “80% of those opening a LISA with The Nottingham are first-time buyers planning to use the funds for their first home.

“When you consider bonuses of up to £1,000 a year are available for every £4,000 saved, it’s a genuinely beneficial account that can help people buy their first home sooner or have more deposit to put down and possibly reducing their loan-to-value.

“To offer whole of market mortgage advice without a fee in addition to this is another demonstration of how The Nottingham is supporting first-time buyers across the country.”

17% more members are opting for a Lifetime ISA over a Help to Buy ISA.

Hayton-Banks added: “An account that supports first-time buyers and retirement savers with tangible benefits in the form of cash bonuses has our full backing and should be here to stay.

“Although there are more first-time buyers opening the account, it doesn’t mean they won’t turn into retirement savers.

“That’s why it’s called a lifetime ISA – you can continue saving into it once funds have been used for a house purchase.

“Switching to a long-term savings goal means people can continue to benefit from the government bonus payments and work towards boosting their retirement pot with the same account.”

The government has confirmed it will go ahead with plans to stop accepting new applications for the Help to Buy ISA from 30 November this year.

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