Before I continue, I should probably explain the ‘free money’ part of my post before people begin to think I’m running some kind of give away!
You may recall in a previous post how we had filled our Lifetime ISA. This is a special account that you can use for the purchase of your first home or retirement. You can save up to £4000 in it each financial year and the government will top up the balance by 25%. Well, we just received the bonus today, it was a good feeling! Even better was that for this first year you could transfer your Help to Buy ISA and receive the bonus on that amount too. It has given our house deposit fund a good boost.
Continue reading “Building up momentum – house viewings and free money!”
I didn’t really know what to post about, afraid that I didn’t have anything interesting to share, but then considering this blog is about our journey to home ownership, this seemed particularly relevant. Sometimes you just have to celebrate the small wins.
When saving up a seriously large amount of money, like a house deposit, you may need to set yourself a few smaller goals along the way. We achieved one of these today by filling one of our Lifetime ISAs for the year. For a reminder of what that is, check my previous post on the topic.
This means that in May some time, the government will top whatever is in the account by 25% which is pretty exciting. There may be a spot of constant balance-checking over that time period!
What next? We’re going to try and fill my husband’s LISA as much as possible before the deadline of the 5th April. And then we begin saving towards the 2018/19 allowance.
Are we disappointed that we haven’t filled both this year? No! There are loads of people who haven’t even opened a regular savings account. so in that respect we’re ahead of the game.
Have you reached a savings milestone this week?