How long will it take to save a house deposit? Calculate by target deposit, current savings and monthly savings amount.
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How This Works
Savings grow with compound interest: each month, interest is earned on the balance, then the monthly saving is added. The calculator iterates month by month until the target is reached. LISA bonus: add £1,000/year to effective saving rate if eligible (first-time buyer, under 40, property under £450,000).
A Lifetime ISA (LISA) allows anyone aged 18–39 to save up to £4,000/year toward a first home or retirement. The government adds a 25% bonus (up to £1,000/year). The property must be your first home, cost £450,000 or less, and be purchased with a mortgage. The LISA bonus is paid monthly and can itself earn interest. Withdrawing for any other reason before age 60 incurs a 25% penalty (which effectively returns the bonus but also takes a small additional amount).