A step closer to your first home

For over 160 years Newcastle Building Society has been committed to helping people in our communities own their homes.

A UK Government-backed Lifetime ISA through Newcastle Building Society is a way to save for the deposit needed to secure the home of your dreams. A Lifetime ISA (LISA) enables 18 to 39 year-olds to save up to £4,000 tax-free each year. This is then topped up by the government’s 25% bonus, up to your 50th birthday.

There is a 25% withdrawal penalty, unless used to buy your first home or you are aged 60 or over (If you make a withdrawal not connected to these two events then a 25% penalty will apply to the amount you withdraw. This will recover the Government’s bonus and you may get back less than you have saved)

What you need to know:

Eligibility

  • You must be 18 or over but under 40 years old when you open and make the initial investment to your Lifetime ISA.

  • You must be a UK resident, unless you or your spouse/civil partner is serving overseas for the UK Crown.

  • You must be a first time buyer.

  • You must have had your LISA open for 12 months if you want to use this towards your house purchase.

  • To use your LISA for a house purchase, the property must be purchased in the UK and using a residential mortgage.

  • You must occupy the property as your main residence.

  • You’ll need to make your initial deposit or transfer your existing Lifetime ISA within 30 days of account opening – we’ll email you confirmation of this. Please note you must be under 40 years old at the time we receive your initial deposit. (Unless you are transferring an existing Lifetime ISA from another provider).

Conditions

  • Your new home must not exceed the value of £450,000.

  • You can own more than one Lifetime ISA. You can only open one Lifetime ISA per tax year, and put money into one Lifetime ISA per tax year.

  • If you’re buying with someone else who is also a first time buyer you can each open your own Lifetime ISA.

  • If you have a Help to Buy ISA and Lifetime ISA, you can only use one bonus towards your house purchase.

  • There is a 25% withdrawal penalty, unless used to buy your first home or you are aged 60 or over (If you make a withdrawal not connected to these two events then a 25% penalty will apply to the amount you withdraw. This will recover the Government’s bonus and you may get back less than you have saved)

Lending approval is subject to affordability review and meeting our lending policy criteria. 

Newcastle Cash Lifetime ISA (Issue 3)

1.95%

Tax-free PA/AER (Variable)

View full product details and apply

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  • Saving for your first home

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE  OR ANY OTHER DEBT SECURED ON IT. 

LENDING APPROVAL IS SUBJECT TO AFFORDABILITY REVIEW AND MEETING OUR LENDING POLICY CRITERIA.