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Lifetime ISA

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Application information

You’re applying for a Lifetime ISA with Unity Mutual

Applying for a Lifetime ISA takes just a few minutes.

To help you get started with your Lifetime ISA, please have the following ready:

• National Insurance Number (NINO) - You should be able to find your National Insurance number on a payslip, P45 or P60 or alternatively a letter from HM Revenue & Customs or the Department of Work & Pensions.
• Direct Debit Details (optional) – for setting up regular savings payments

Important information about the Lifetime ISA

  • To open a Lifetime ISA you must be aged between 18 and 39.
  • You must be a UK Resident or a Crown employee (or their spouse or civil partner) working overseas.
  • The Lifetime ISA is designed to help buy your first home or for when you turn 60.
    • If you intend to save for your first home, you must not have owned a property in the UK before and the value of the home must be less than £450,000.
    • If you intend to save for later life, instead of contributing to a pension scheme you are eligible for, you might miss out on employer contributions.
  • To withdraw the money for your first house, you need to have been saving for at least 12 months after the date of your first deposit.
  • A 25% Government bonus will be applied to the amount you pay into your Lifetime ISA (up to £1,000 per tax year).
  • You can withdraw from your Lifetime ISA without a charge if it’s for your first home, after you turn 60, or if you're terminally ill. If you take money out of your Lifetime ISA for any other reason, a 25% Government charge will apply.
    • Where a 25% Government withdrawal charge applies, this will be on the amount withdrawn not just the Government bonus so you’ll get back less than paid in.
  • The interest rate offered on your Lifetime ISA already takes account of any management charges, and no additional fees will be taken from your investment.
  • This Lifetime ISA is sold on a non-advised basis and no advice has been sought or given. If you’re unsure about this product, please speak to an Independent Financial Advisor (fees may apply).

 

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