First Cash LISA revealed

Since being announced in the 2016 Budget, the Lifetime ISA (or LISA, as it has become ubiquitously known) has provoked a variety of reactions. Some are calling it the perfect savings vehicle for the Millennial generation, others are labelling it just another government gimmick, and the rest don’t care either way. Despite a fairly lukewarm launch from a limited number of providers, the LISA has attracted over 14,000 people in the first month, despite being only offered as a Stocks & Shares version. This has now changed, with the first Cash LISA being ...

Record 22% housing market share for first-time buyers

First-time buyers took a record 22% share of the housing market in the fourth quarter of 2016, the highest since records began in 2007. A press release from the Bank of England published on the 14th of March shows that the percentage of first-time buyers is rising, with figures set to go even higher later in the year. The fourth quarter of 2016 saw £62.8 billion of new residential loans taken out, which was a 2.6% decrease compared to the previous three months. Adrian Anderson, the director of property finance specialist ...

Young people struggling to save

SavingsNew research has shown that young people are finding it harder than ever to build up savings. According to the Pension and Lifetime Savings Association young people, aged 18 – 35, want to save but find their ability to save “curbed by short term necessity”. The research of nearly 1,000 young people, also concluded that: 51% of young people get more satisfaction from saving than spending money A similar number, 53%, disagreed that young people tend to live for today Perhaps surprisingly, more than half (57%) of the people surveyed said they ...

Help to Buy ISAs proving popular

My Savings for a New HouseNew figures have shown that thousands of first time buyers have opened Help to Buy ISAs over the past six months, as they try and build a large enough deposit to get onto the housing ladder. The Help to Buy ISA was launched last December and allows potential first time buyers to receive a bonus of 25% if they money saved is used to buy a home; for example, if £200 is saved, a £50 bonus will be payable. The bonus is capped at £3,000, however for ...