09 August 2017
Savers have rushed to open the UK’s first cash Lifetime ISA, with 28,000 people opening the account* following its launch on 6th June 2017.
Skipton Building Society’s cash Lifetime ISA has been popular with younger savers who are looking to take advantage of the Government’s bonus. Over half (51%) of those who’ve opened an account are under the age of 30, looking to give their savings a real boost, helping to turn their dream of becoming a first time buyer into a reality.
But, it’s not just younger savers who’ve opened Skipton’s Lifetime ISA; 6% of those who’ve opened a LISA are 39 years old.
Kris Brewster, Head of Products at Skipton Building Society said:
“It’s great to see many young people are using our LISA as a step towards helping them own their own home. And we are pleased to offer a product that is helping to encourage future homeowners to save towards this significant milestone. ”
“Since launching the UK’s first cash Lifetime ISA in June, there continues to be a high level of interest in the product, particularly from those who want to save for their first home. At Skipton, we believe the LISA could make a real difference to a new generation of savers, not only in helping them get a foot on the property ladder, but providing them with another option to help them save for their future too.”
The extra government bonus from the Lifetime ISA will help first time buyers on their journey towards buying a home. For example, a 25 year old maximising the product’s annual allowance for eight years will have an estimated pot of £40,776 by the age of 33, an amount higher than the average first-time buyer deposit.
First-time buyers who decide to take out a mortgage with Skipton (direct or via intermediaries) will also receive £250 cashback in addition to Skipton’s existing mortgage offers.
*Account data from Skipton Building Society 6th June – 18th July 2017