Saving for a deposit

[Loz90333]

Hey MN,

I was wondering if you could give me some advice?

This summer I plan on putting as much money away as possible for a deposit as I can, at the minute I'm planning £1,000 a month (this may be unrealistic, but its the figure I'm aiming for).

I've looked at some help to buy ISA's however after the initial £1,200 it seems like you can only deposit £200 a month into it after that, I want to save much more than that. I did also think about putting the money into premium bonds.

I just wondered what you are doing if you are saving for a deposit? or what you would do if you were a first time buyer again?

Thank you in advance :)

I have a LISA, moved it from a help to buy ISA last year.

It only lets you save 4k per year into it but gives you 25% bonus like the ISA. Unlike the ISA you can pay in varying amounts (so long as you don't exceed the limit per tax year).

I was just going to say a LISA is ideal for aspiring ftb under 40. The rest of the money, I'd put into a normal ISA. Whether it's a cash or stocks and shares would depend on how long you've got to save for. If a year, I'd stick to cash. If it's going to take 5, I'd do low risk stocks and shares.

Thank you both, had never heard of a LISA, but reading up on it, sounds much better!