⚡ How much extra house deposit can a LISA give you?
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(Inspired by this post)
You're 19, you've got £30k saved, and you want to buy a house in your mid-20s. You're already ahead of the game. The Lifetime ISA (LISA) is basically free money from the government for your first home, but how much of a difference does it actually make over a few years? This calculator shows you exactly how much extra deposit you'll have by maxing out your LISA compared to leaving it all in a standard bank account.
🤔 Your Situation
📈 Assumptions & Taxes
🧠 Qualitative Considerations
Numbers are only half the story. Here's what else to keep in mind before locking all your money away:
The Penalty: If you withdraw money from a LISA for anything other than buying your first home (or retirement), you get hit with a 25% penalty. You'll actually lose money compared to what you put in.
Property Price Limit: You can only use a LISA on a property costing up to £450,000. If you think your first home will cost more than that, a LISA might not be the right move.
Liquidity: Keep an emergency fund in a regular, easy-access savings account. Don't put every penny you own into a LISA.
✅ Next Steps & Further Reading
Before you transfer your savings, run through this quick checklist:
- Emergency Fund: Do you have 3-6 months of living expenses saved in an easy-access account?
- Timeline: Are you definitely buying a house, and will it be at least 12 months from when you opened the LISA?
- Maxing Out: Are you contributing the full £4,000 each tax year before the April deadline?
For more details on LISAs and buying your first home, check out these sources:
🔗 See Also
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For further related reading, check out:
⚖️ Results
Bottom Line
Max LISA
Extra Deposit from LISA
Total Deposit (With LISA)
Total Deposit (No LISA)
Total Government Bonus
Calculator updated by heyfinfam (v26.7.0) · View history
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Disclaimer: This content and any calculations provided are for informational purposes only. The views, calculations, and methodologies expressed are those of the author and do not necessarily reflect those of this platform. Not financial advice. Users are solely responsible for any decisions made based on this information.