Lifetime ISAs guide
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As stated earlier, I've just opened a Lifetime ISA with Skipton Building Society. I also have a Help to Buy ISA with Santander which I have just deposited into at the start of June. I will be depositing a further £600 into it on June 30th so I will have saved the max £1,200 in the first month.
From reading previous comments am I right in thinking that it would be best to continue depositing £200 a month into the Help To Buy ISA and then transferring that amount into the LISA in March 2018? I will then obviously top up the remaining amount to take the total in the LISA to £4000.
Alternatively, am I best off contributing £200 a month in to the Help to Buy ISA and at the same time saving into the LISA to reach the max £4k in that by the end of the current tax year?
Any help is appreciated please0 -
Ok about to open a LISA looking at Hargreaves Lansdown rather than cash ISA. Paying the minimum £25 a month as a little extra as can't put anymore in work pension - plan to increase over time.
I've looked at Funds and think the vanguard lifestragety 80% - I'm worried about the risk as never done s&s before but due to length of time money going to be in there think this is best route as time to recover if dips. This the right idea?
Also when I open the LISA with them do I deposit the first monthly payment then assign the fund, then do I have to assign the money each month to the fund or will it do it automatically?0 -
Does anyone know if I can transfer my stocks and shares LISA into a cash LISA or do I have to wait until the new tax year?
Was hoping to change from nutmeg to skipton now.0 -
Does anyone know if I can transfer my stocks and shares LISA into a cash LISA or do I have to wait until the new tax year?
Was hoping to change from nutmeg to skipton now.
It's not a case of transferring from a stocks and shares LISA to a cash LISA in law, but simply a lifetime ISA to a lifetime ISA. So yes you can.0 -
Sign up was smoother than I expected, accounts for me and my wife all setup in 20 minutes
£4000 free from the government a year from now is not to be sniffed at!
Can I double check that although the Government will pay 25% in at the end of the tax year, I cannot use it for a home until the actual account has been open a year? i.e 8th June 2018?0 -
bmouthboyo wrote: »Sign up was smoother than I expected, accounts for me and my wife all setup in 20 minutes
£4000 free from the government a year from now is not to be sniffed at!
Can I double check that although the Government will pay 25% in at the end of the tax year, I cannot use it for a home until the actual account has been open a year? i.e 8th June 2018?
It's only £2000, you can put in £4000 into each LISA and get a £1000 from it
unless it was a typo
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It's £4K per tax year, so £1K each in 2017/18 and then another £1K each at the start of 2018/19 (when such bonuses will be paid monthly), totalling £4K of bonuses in the year to June 2018....martinlewisjunior wrote: »It's only £2000, you can put in £4000 into each LISA and get a £1000 from it
unless it was a typo0 -
I'm looking at opening a LISA and using it to help me buy a property. I'm planning on opening one now and just depositing £1 and then in march 2018 putting £3999 which will then get me my first £1000 bonus.
If I was looking at buying in July 2018 and put another 4000 into the LISA before would I then have 2000 in total in a bonus towards the deposit? Or do I have to wait a certain amount of time after depositing the second £4000?0 -
Ok about to open a LISA looking at Hargreaves Lansdown rather than cash ISA. Paying the minimum £25 a month as a little extra as can't put anymore in work pension - plan to increase over time.
I've looked at Funds and think the vanguard lifestragety 80% - I'm worried about the risk as never done s&s before but due to length of time money going to be in there think this is best route as time to recover if dips. This the right idea?
Also when I open the LISA with them do I deposit the first monthly payment then assign the fund, then do I have to assign the money each month to the fund or will it do it automatically?
Any advice?0 -
You can pay in a second £4K right at the start of the new tax year on 6 April 2018 (or any time up to 5 May 2018) and you'd receive the 25% £1K bonus in late May (or maybe early June).Samlouisec99 wrote: »I'm looking at opening a LISA and using it to help me buy a property. I'm planning on opening one now and just depositing £1 and then in march 2018 putting £3999 which will then get me my first £1000 bonus.
If I was looking at buying in July 2018 and put another 4000 into the LISA before would I then have 2000 in total in a bonus towards the deposit? Or do I have to wait a certain amount of time after depositing the second £4000?0
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