How I bought £174k first home by using an investment Lifetime Isa and holidaying in the UK – The Sun

USING an investment Lifetime Isa for his savings and giving up holidays abroad helped Alistair Clamp buy his first home aged 21.

The financial adviser paid £174,000 for his one-bed Southampton flat in April last year with a £8,700 deposit.

He saved the cash in three years, tucking money aside after bagging a job as a trainee financial adviser earning £17,000 a year aged 18.

After a year of putting money aside, Alistair opened a stocks and shares Lifetime Isa (LISA), which allowed him to invest his cash and boost his savings – something you can't do with a Help to Buy Isa.

Over the two years, he made an extra £350 on his savings on top of the 25 per cent annual government bonus that the LISA offers.

That meant after saving £4,000 in the first year and £3,000 in the second, he got £1,750 extra towards his first home.

The modest profit was more than what he would have earned in interest in a Help to Buy Isa, and help him cover the costs of the legal fees.

To increase his salary, Alistair, who's now 22, decided to take his exams to qualify as a financial adviser because he knew the job comes with a greater pay packet.

He dedicated evenings and weekends to studying, which made him cut back on his social life allowing him to boost his savings.

Paying £200 a month to live with his parents kept his living costs low and he limited himself to spending £200 on seeing friends every month.

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