The Martin Lewis Podcast A festive special showcasing some of the best advice of 2024
Dec 24, 2024
Andrew Montlake, Managing Director of Mortgage Brokers Coraco, shares top financial tips for first-time homebuyers. He highlights clever savings strategies and dives into the benefits of Lifetime ISAs, including potential government bonuses. The discussion is peppered with humorous anecdotes about memorable spending experiences. Montlake also tackles the complexities of insurance pricing and mortgage management, offering insights for timely decision-making. Listeners will enjoy a blend of practical advice and entertaining stories about cherished memories.
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Utilize Lifetime ISAs
- Open a Lifetime ISA (LISA) between ages 18 and 40 to save up to £4,000 yearly.
- The state adds a 25% bonus, so a £4,000 contribution receives an extra £1,000.
LISA Penalties
- LISA withdrawals for reasons other than first-time property purchase or retirement incur a 25% penalty.
- This penalty can result in a net loss, even with the 25% bonus.
LISA Cap Advocacy
- The £450,000 property price cap for LISAs hasn't changed since 2016, impacting first-time buyers in expensive areas.
- Advocate for a penalty reduction to 20% for first-time properties exceeding the cap.