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Lifetime ISAs (LISAs) can help you build a deposit for your first home faster, thanks to a generous 25% government bonus on everything you put in. But what should you be aware of before opening one?

If you’re aiming to get on the property ladder in the future, you may have heard about lifetime ISAs.

Lifetime ISAs are individual savings accounts designed to help you buy your first home sooner.

Every month, the government tops up the amount you've paid in by 25%, and with an annual contribution limit of £4,000, you could get up to an extra £1,000 each tax year!

This government bonus gives your deposit savings a welcome boost.

Given how tough it can be to put money aside right now, this is a game changer for many first-time buyers.

However, there are rules for lifetime ISAs that you need to consider. It’s important to understand the eligibility criteria and how you can use your lifetime ISA, otherwise you may be hit with the lifetime ISA government withdrawal charge.

Let’s take a closer look.