Lifetime ISA to save for a mortgage for 40 and over

Mariadela

Hello, you need to be under 40 to open a lifetime ISA. Is there anything similar for someone 40 or older? 

Why are the reasons to this? I just want to understand, it seems unfair. 

Strummer22

Yes, a pension (if you don’t need the money for a while!)

pramsay13

Nothing similar for buying a house, the idea is to give younger people a hand to get on the property ladder.
With a lifetime ISA you can still save until you are 50 as long as you open it before 40. 

SensibleSarah

If you're over the age of 40 when these were introduced then it's just tough luck I'm afraid. Saving into the highest interest savings accounts you can is all you can do instead to save towards a home. 

There were no available first-time buyer schemes, 5% (or less) deposit mortgages available or government-backed saving schemes around when I bought my property (2010), apart from shared ownership, which isn't a road I wanted to go down. So I just had to buy the cheapest liveable home I could find the old fashioned way with a 10% deposit as that's all I could afford. Since then, many of my friends have bought much nicer homes than mine using various schemes, which could be a bit galling apart from the fact that many of them bought fleecehold shared ownership or HTB new-build properties and are now suffering as a result, along with having borrowed much more than I did - which has really bitten since interest rates rose. Swings and roundabouts!