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Best way of saving to help with getting a mortgage eventually?
TUVOK
Posts: 538 Forumite
My granddaughter and her partner wish to save regularly each month in order to eventually obtain a mortgage.
I believe that "help to buy isas" are no longer available?
I have had a look at Moneyfacts etc for the best account, all would appear to be 0.0% interest, can any one suggest the best account etc to open to eventually help with obtaining a mortgage.
Thanks for any/all replies.
I believe that "help to buy isas" are no longer available?
I have had a look at Moneyfacts etc for the best account, all would appear to be 0.0% interest, can any one suggest the best account etc to open to eventually help with obtaining a mortgage.
Thanks for any/all replies.
0
Comments
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If under 40 they can open LISAs.
The savings forum has a list of accounts paying interest, all they can do is keep chasing the higher interest rates like most of us did.Mortgage started 2020, aiming to clear 31/12/2029.1 -
I did think that they were closed, but I see that Cashbox and Notts b/soc do one, does not appear to be any others that I can see?0
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As already mentioned by MovingForwards lifetime ISA is suitable for money that is earmarked for a property purchase. Offer 25% bonus (up to £1000) on max. £4000 contribution (per person).Issue is that you have to pay a penalty to access this money so make sure you have enough accessible funds so you don’t have to dip into it.Cashlifetime ISA is generally more sensible for buying a house.Regular saving is not a requirement of the Lifetime ISAs (you can set up direct debit for moneybox, assume you can for the other providers too) the £4000 limit can be paid in as one lump sum or in dribs and drabs as you wish.Other than that ‘normal’ savings accounts are ~0.5%; some accounts (including regular savers) offer higher interest rates on limited amounts.2
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Lifetime ISA and help to buy ISA are different products (with different rules and conditions).TUVOK said:I did think that they were closed, but I see that Cashbox and Notts b/soc do one, does not appear to be any others that I can see?Are a limited number of providers.Moneybox is highest interest at the moment. I have never had any issues with Moneybox LISA.1
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