Lifetime ISA calculator
Work out the bonus you could have by the time you buy, and check whether you can use it for the home you want.
Your bonus
Answer the questions to see your bonus and check the rules.
You need to be 18 to 39 to open one.
But from 6 April 2029, the government plans a First Time Buyer ISA you could open from 18, with no upper age limit.
You don’t need either to buy a home.
- Bonus
- Towards your deposit
Your dates, the steps to use it, and what changes in 2029.
Your Lifetime ISA plan
Your money
How it’s worked out
| When | You put in | Bonus |
|---|---|---|
| Total |
Using it for this home
You also need to:
- never have owned a home, anywhere
- buy with a mortgage, not a family loan
- live in it
- use a conveyancer (the solicitor doing the legal work)
How to open one
- Choose cash or investments. Cash earns interest. Investments could earn more, but can go down as well as up.
- Compare accounts and pick one. Compare Lifetime ISAs (opens Moneyfacts in a new tab)
- Apply online with the provider. You’ll need your National Insurance number.
- Put money in. Your 12 months start from your first payment.
We don’t recommend providers or get paid for this link. Not sure yet? See how it compares with the First Time Buyer ISA.
Dates to remember
How to use it for your home
- Tell your mortgage adviser part of your deposit is in a Lifetime ISA.
- Choose a conveyancer who’ll handle a Lifetime ISA.
- Ask your provider how to start. You fill in a form about the home, and your conveyancer sends it to them.
- Your provider pays your conveyancer, not you, within 30 days. So start early.
- The home must become yours within 90 days of the money being paid. Your conveyancer can ask for more time.
- Ask your provider when your last payment must go in for its bonus to arrive in time.
What you’d get
| If you… | You’d get |
|---|
The First Time Buyer ISA from April 2029
The government’s plans (HM Treasury, October 2026 (opens in a new tab)). Not law yet.
An estimate, not advice. Rules checked 29 October 2026.
Questions about Lifetime ISAs
Quick answers to what buyers ask most.
Where our rules come from
- GOV.UK on Lifetime ISAs, who can open one and taking money out.
- HMRC’s guidance on using a Lifetime ISA to buy a first home, updated 28 October 2026 with the 20% charge over £450,000.
- HM Treasury’s First Time Buyer ISA consultation: government response, October 2026, paragraphs 2.3 to 2.9 and chapter 3.
- MoneyHelper’s guide to Lifetime ISAs, and its guide to ISAs on unused allowance.
- Interest rates: Moneyfacts and Which? Lifetime ISA tables.
- All checked 29 October 2026.
What is a Lifetime ISA?
A savings account to help you buy your first home or save for later life. You can put in up to £4,000 a year, and the government adds 25% on top, up to £1,000 a year. You can open one if you’re 18 to 39, and put money in until you’re 50. It can hold cash, investments, or both.
Can I use a Lifetime ISA for a house over £450,000?
Yes, from 29 October 2026, as long as you meet the other rules. You lose the government bonus, but you keep the money you put in.
It works through a 20% charge on everything you take out. Put in £1,000 and the government adds £250, making £1,250. 20% of £1,250 is £250, so the charge takes back exactly the bonus and you get your £1,000. Any interest is charged at 20% too, so you keep most of it.
How much is the Lifetime ISA withdrawal penalty?
25% of whatever you take out, unless it’s for your first home, you’re 60 or over, or you’re terminally ill. That’s more than the bonus: pay in £4,000, get £1,000 bonus, take out the £5,000 and you get £3,750 back.
For a first home over £450,000, the charge is 20%, which takes back only the bonus.
Is the Lifetime ISA being replaced?
Yes. A new First Time Buyer ISA is due to start on 6 April 2029, in place of the Lifetime ISA. It isn’t law yet. Lifetime ISAs opened before then carry on under today’s rules, so you can keep paying into yours.
Lifetime ISA or First Time Buyer ISA: what’s the difference?
- Age: you open a Lifetime ISA at 18 to 39. The First Time Buyer ISA is planned to have no upper age limit.
- Bonus: a Lifetime ISA adds 25% as you pay in, up to £1,000 a year. The First Time Buyer ISA is planned to add 25% of what’s in it when you buy, up to £20,000 in all.
- Taking money out for something else: a 25% charge from a Lifetime ISA. No charge from a First Time Buyer ISA, but no bonus either.
- The same in both: £4,000 a year, homes up to £450,000, a year’s wait before you can use it, and you need a mortgage.
Can I have a Lifetime ISA and a First Time Buyer ISA?
Yes, but you can only pay into one of them each tax year. You won’t be able to move a Lifetime ISA into a First Time Buyer ISA, but you could use both for the same home.
Can I put more than £4,000 a year into a Lifetime ISA?
No. £4,000 is the most you can pay in each tax year, which runs from 6 April to 5 April. Any you don’t use by 5 April can’t be carried over to the next year. It also counts towards the £20,000 you can put into all your ISAs each year.
Is the price limit higher in London?
No. The £450,000 limit is the same everywhere. The government looked at raising it or setting different limits by region, but decided to keep it. Over £450,000, you can now use it with the 20% charge.
Do I have to buy a home before I’m 40?
No. The age limit is for opening one: you must open it before you’re 40. Once it’s open, you can keep paying in until you’re 50, and use it for your first home at any age.
What if I’m 40 or over?
You can’t open a Lifetime ISA. If you opened one before 40, you can keep paying in until you’re 50. From 6 April 2029, the First Time Buyer ISA is planned to have no upper age limit.
Can I use it if I’m buying with someone?
Yes. If they have a Lifetime ISA too and you’re both first-time buyers, you can both use yours. The £450,000 limit is for the home, not for each of you. If they’ve owned a home before, you can still use yours.
How does the money get to my conveyancer?
You fill in a form (a declaration) and your conveyancer sends it to your provider. Your provider pays them, not you, within 30 days. You then have 90 days to complete, and your conveyancer can ask for more time. If the purchase falls through, the money goes back into your Lifetime ISA.
What doesn’t this calculator cover?
Interest you’ve already earned, and investment growth, which can go down as well as up. You can add interest from now on at a rate you choose. It also doesn’t cover turning 50 before you buy, as you can’t pay in after that, or a Help to Buy ISA as well. You can only use the bonus from one of those for your first home.