UK Mortgage Glossary
Lifetime ISA (LISA)
Tax-free savings account with 25% gov bonus, usable for first home.
Full definition
A UK savings product paying a 25% government bonus on annual contributions up to £4,000. Funds can be withdrawn without penalty to buy a first home up to £450,000, or at age 60 for retirement. Available to UK residents aged 18-39 to open. A replacement product is planned for April 2028.
How this affects you
Whether lifetime isa (lisa) is relevant to your mortgage depends on your circumstances — lender, product, deposit, employment, credit profile, and stage of application. An FCA-authorised mortgage broker will tell you exactly where it applies to your case.
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