Deal of the Day – MALDIVES – Family Offer – Save 25%
MALDIVES – Family Offer – SAVE 25% How long: 9 nights Where: Maldives Kuredu’s Garden…
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Martin Lewis reveals why you should open a Lifetime ISA with just £1
Whether you are thinking of buying a house now, or expect to buy one in the future, Martin Lewis’ lifetime ISA tip means you could get your hands on £1000 free cash using just £1.
In Martin Lewis’ new Tik Tok series for 18-35 years old, he told any first-time homebuyers that they need to open a Lifetime ISA with just a quid.
‘If you’ve never owned a house put a quid in a Lifetime ISA, why because it gets the clock ticking,’ explained the Money Saving Expert about his property advice.
Image credit: Lizzie Orme
‘The Lifetime ISA is a saving product you can put up to £4000 a year in, when you do the state puts 25 per cent in on top of that. So when you put £4000 a year in it they’ll put £1000 towards your first home,’ he adds.
You might be wondering why the need for the £1, well according to Martin Lewis it is all about making sure your account has been open long enough to benefit from the bonus. Without it could delay you snapping up the £1000 by a year.
‘You have to have it open for a year before you get the bonus,’ he explains. ‘So if you put a £1 in now, even if you’re not thinking of buying a house yet, then once you are ready to buy you’d be able to get the bonus instantly.
Martin Lewis Lifetime ISA tip
If you already have an active Lifetime ISA and a looking to buy a home soon, Martin Lewis top tip is to make sure you top it up to the maximum £4,000 by the end of the tax year to snap up £1,000 free cash.
Image credit: Lizzie Orme
‘First-time buyers, fill up your £4,000 lifetime ISA allowance now – if you don’t use it, you lose it,’ says Martin Lewis in the Money Saving Expert newsletter. ‘A lifetime ISA can be opened by those aged 18-39 and gives first-time buyers using it towards a home a 25 per cent bonus on everything they manage to save. Capped at £1,000 per tax year.’
‘You can put in up to £4,000 per tax year, which means you’ve until 5th April (you can put in another £4,000 the next day),’ it explains. ‘So if you can max it out, do.’
The Lifetime ISA was introduced in April 2017. It replaced the Help to Buy ISA that was phased out in November 2020.
Image credit: Lizzie Orme
It allows first-time buyers to save £4,000 a year, double what you could save with Help to Buy. Each year, if you can save up to that amount, you can receive £1,000 of free cash annually. What’s more, you also earn interest on whatever you save, which is tax-free.
However, if you decide to withdraw the cash and not use it for a first home or retirement, you’ll have to pay a penalty.
If you haven’t opened a LISA yet, but are thinking about it, the Moneybox Lifetime ISA offers the top cash LISA rate. However, you will need to open and manage the account in Moneybox’s app.
If you have that £1 start looking for the best LISA deal for you.
The post Martin Lewis reveals why you should open a Lifetime ISA with just £1 appeared first on Ideal Home.
Reading time: 3 min
Bold paint choices create a modern yet cosy decor in this compact apartment
Tired of their busy city life and looking for a new adventure, the owners relocated to Margate back in 2015. ‘At the time we wanted to get on the property ladder which was something we couldn’t afford to do in London’.
’We were drawn by the inspiring views, sandy beaches, and the artisan vibe of the seaside town. There is something extremely special about Margate, it has an energy you can’t help falling in love with!’
The couple initially bought a Victorian two-up, two-down which they fully renovated over the following four years. Keen to expand their property portfolio, they decided to buy an apartment as an investment. Somewhere to rent out, but that could also be enjoyed by family and friends.
Open-plan living
Image credit: Future PLC/James French
The search led to a charming, one-bedroom apartment, on the third floor of a grade II listed building, overlooking a pretty, leafy Regency square. ‘I loved the façade of the building, and the gorgeous views of the rooftops and sea from the bay window in the bedroom.
The apartment has an open-plan living and kitchen area, one double bedroom and a bathroom. Although compact the space has good proportions, with big Georgian windows that flood the rooms with light.
The period of the property and the contrast of the living room paint idea of half painted dark and light walls has created quite a decadent space.
Image credit: Future PLC/James French
As a fan of maximalist style, the interior is a skilful combination of a rich mix of colours and textures.
Passionate about vintage pieces and ethically sourced products, favourite pieces in the apartment include the two large vintage prints hanging on the chimney breast in the living room. They were found in an old outhouse in a family property in Sweden. Perfectly paired with the sisal baskets from a local artisans shop that have been hand-woven by women’s cooperatives in rural Kenya.
Bespoke kitchen
Image Credit: Future PLC/James French
The bespoke wood kitchen idea was made and fitted by a friend and local carpenter and was designed with eye level cabinets, hidden appliances and open shelving to create an interesting focal point. The raised kitchen table provides a natural divide between the living area and the kitchen.
The on-trend paint choices of dark to light continues through from the lounge to the woodwork and kitchen cabinetry, adding depth.
The bedroom
Image size: Future PLC/James French
The owners went for calmer shades in the bedroom. Here the pale green décor and light from the bay window created a completely different atmosphere. The soft grey on the top of the walls has been carried into the bedroom, creating continuity with the rest of the apartment.
A decorative wall panelling idea and a plum headboard adds character and a rich contrast to the bedroom’s pale green bedroom colour scheme.
Image credit: Future PLC/James French
‘It is so tranquil,’ says the owner of the serene bedroom space. ‘On a clear day you can see right across the ocean from the comfort of the bed. I could spend hours in there’.
The bathroom
Image credit: Future PLC/James French
The bijou, quirky bathroom has been cleverly designed with a raised walk-in shower idea. A separate sink area and zoned lighting making the most of the small, windowless space.’This must be the place’ is spelt out in the floor tiles, to add a quirky touch.
This stylish apartment proves no matter how compact your space you can still go big with creative ideas.
The post Bold paint choices create a modern yet cosy decor in this compact apartment appeared first on Ideal Home.
Reading time: 3 min
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