Open a Cash Lifetime ISA with the UK’s Best Mortgage Broker

Lifetime ISAs are designed for first-time buyers who want to boost their house deposit, or people retiring over the age of 60 who want to boost their pension. To open a Lifetime ISA, you must be a UK resident, be aged between 18-39 and be a first-time buyer. The property you're buying must also be less than £450,000, and you must use a mortgage to purchase it (i.e. you can't buy it outright). You must also have your Lifetime ISA open for at least 12 months before you withdraw your money to buy your first home.

Yes, absolutely. If you already have a LISA, you can transfer your funds to us to take advantage of the higher interest rate. Transferring will only take a few minutes in the Tembo app, and your money will land in the account in 4-6 weeks (depending on how speedy your old provider is!). You can only pay into one Cash Lifetime ISA or one Stocks & Shares Lifetime ISA every tax year (April 6th to April 5th). So if you have paid into one Lifetime ISA already this tax year, but want to open and pay into another one, you can either transfer your funds to us, or wait until the new tax year begins on April 6th.

Yes, you can have both a Lifetime ISA and an ISA open with multiple providers. You just need to make sure you stay within the annual ISA limits (£20,000) and only pay into one of each kind of ISA each tax year. Please note, the annual £4,000 Lifetime ISA allowance is included within the overall annual ISA limit.

Yes, you can use two LISAs to purchase a house with another person for a joint mortgage, so long as you are both first-time buyers. With our Team Up feature, you can combine your LISAs to see how much you have saved together! If you're purchasing a home with a second-time buyer, you can still use your LISA for the purchase. This is because LISAs are tied to people, not properties.

With the Tembo Lifetime ISA, your savings are held in a banking-level security account and are also protected by the Financial Services Compensation Scheme. This means that if one of the banks we partner with to hold your Cash Lifetime ISA money were to go into default, your money would be protected through the FSCS, up to £120,000 (per eligible person, per bank). Tembo is also authorised and regulated by the Financial Conduct Authority (FCA), and as such abides by strict governance and compliance rules.

You can withdraw money when you are buying your first home. The funds are transferred to the solicitor (conveyancer) who is advising you on your home purchase. You can also withdraw funds when you reach the age of 60. You always have access to your money (subject to a notice period) but if you withdraw your money for any other reason than buying your first home or for retirement once you’re 60, you’ll have to pay an early withdrawal charge of 25% to the government. This means you would get back less than you paid in, as you’d lose the government bonus and pay the government an extra £6.25 for every £100 you deposited.

When you want to withdraw your Tembo Lifetime ISA funds for your first home purchase, first contact our support team via the app chat or by emailing us at home.purchases@tembomoney.com to request the Customer Withdrawal form and Conveyancer Declaration form. Fill out your Customer Withdrawal form and hand it over to your solicitor or conveyancer. If you are buying your home with someone who also holds a Tembo LISA, then they will need to fill out a separate form. Provide the Conveyancer Declaration form to your solicitor or conveyancer for them to fill out. They then need to send both forms to home.purchases@tembomoney.com at least 20 days before your completion to ensure withdrawal payments are made in time.

No, there are no fees associated with opening a Cash LISA with Tembo.

No, you cannot open a LISA for your child, as LISAs are for adults aged 18-39. If your adult child or grandchild is saving up for their first home, you can give them cash to top up their Lifetime ISA, but they'll need to open an ccount. We've made it easy for you to contribute to their house fund with our Gift Link feature, allowing you to gift as little as £10. Plus your gift will also be eligible for the 25% bonus from the government!