Mark is 35, been in the job for over 15 years, and has been saving with Metfriendly since he started his career with the Police.
He’s always had rolling savings plans with Metfriendly – they’ve helped him save for holidays and a new car; a treat to himself when he turned 30. One of Mark’s superiors told him about Metfriendly savings plans as a young Officer, saying “just do it, trust me, one day you’ll thank me for it!”
A few years ago, after renting for several years, he moved back in with his parents to save for his first home. He opened a Metfriendly Lifetime ISA to help him quickly build up a deposit – having 25% extra added to what he put in was a no-brainer. And it’s not often you get free money from the Government!
Getting others on board
Tracy met Mark 2 years ago. She’s 32 and works in recruitment, currently renting with friends and recently found out about the Lifetime ISA (LISA). As Mark’s partner, she was eligible to open a Metfriendly LISA. It was simple to open, she just needed to give Mark’s warrant number.
What’s more, they both got a £20 voucher each to spend at Amazon as part of Metfriendly’s referral scheme.
Tracy was finding the payments easy, they just went straight into her LISA by direct debit – there was nothing else she needed to do. She paid £300 every month, and then topped up her LISA to the maximum £4,000 at the end of the tax year to make sure she got the full £1,000 from the Government.
Buying a first home together
Mark and Tracy found a property and decided to take the plunge and move in together, meaning they could club together the funds from their LISAs for a bigger deposit on their first home.
A government bonus towards your 60th birthday
Buying a home together wasn’t the end of the road for their LISAs – they both agreed to carry on paying into their LISA until their 50th birthdays so they could do something special for their 60th birthdays.
Making more use of your tax-free allowance
With a recent promotion at work, Tracy decided she could be saving a bit more every month. So, she’s going to open a Metfriendly Monthly Savings ISA. If she continues to save £4k of her annual tax-free ISA allowance into the LISA, she could also save up to £16k a year tax-free into a Monthly Savings ISA, making more use of her £20k annual tax-free ISA allowance.
Tracy’s plan was to start paying an “easy £50” a month into her ISA, but since she has a steady job, with an annual pay rise and bonuses, she’s going to add the Metfriendly Escalator option to her plan, agreeing to increase her payments by £50 every year. The increases kick in every April, but she can choose to stop them whenever she likes.
Does any of the above sound familiar to you? Could our savings products work for you or one of your family members?
Why not take a look at our regular savings products like the Lifetime ISA or the Monthly Savings ISA, both of which come with the Metfriendly Escalator option.
Alternatively, get in touch on 01689 891454 or email@example.com and we’ll organise a call with you to talk through your options.
About the Metfriendly Lifetime ISA:
- The Metfriendly Lifetime ISA can be opened by 18-39 year olds.
- Metfriendly’s Police Family eligibility criteria applies.
- If you seek to withdraw funds from a Lifetime ISA for anything other than a qualifying house purchase (or before the age of 60, if you’re saving towards retirement) significant government penalties apply, and you may get less back than you have put in.
For more information, visit our website or request a call back.