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Nottingham BS launches LISA with free whole of market mortgage advice

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  • 23/08/2018
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Nottingham BS launches LISA with free whole of market mortgage advice
Nottingham Building Society is to launch a cash Lifetime ISA offering free mortgage advice when savers are ready to buy their first home.

 

Nottingham BS is only the second provider to offer the LISA, which can be used by first-time buyers to receive a government top up of 25% on savings of up to £4,000 by a year.

As part of its offer, the society is providing access to its whole of market mortgage service, which costs non-members £249.

The account pays 1% tax-free interest on savings, the same level as Skipton Building Society – the other cash Lifetime ISA provider in the market.

MPs have recently called for the end of the Lifetime ISA, which can be opened by anyone from the age of 18-39 to save for a first home or retirement.

Nottingham BS’s LISA is available from August 28, but will only be available through branches before an online version launches later this year.

 

Search whole mortgage market

The society’s chief operating officer Simon Taylor, said: “Our society was built on the founding principle of helping people put a roof over their head.

“We understand the many challenges facing first-time buyers saving a deposit in a competitive and crowded housing market.

“Saving into a Lifetime ISA will either help first time buyers save their deposit quicker, or put down a larger deposit.

“As part of our unique proposition, we are also the only society who will search the whole of the mortgage market to find our members the right mortgage for them, offering the potential for even greater savings.

“This service will be free to Lifetime ISA savers and further demonstrates our focus on supporting first-time buyers looking at the daunting prospect of their first mortgage.”

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