First-time buyers trick: Max LISA and Help to Buy ISA gains by timing it right

kopite32 · 6 April 2017 at 4:46PM

So do i have to transfer and close my help to buy isa with £4400 in it upto the 2016/17 tax year or can i just transfer the £4400 and keep the account open to get the £1100 bonus?

AMcLean · 21 August 2017 at 11:20AM

Hi can anyone help me out with some advice please, I am 23 and don't have either a LISA or HTB ISA I don't have any plans on buying a property in the next couple of years so I was going to open a Skipton LISA and put £4,000 in the account by April to get the £1,000 bonus, and keep putting £4,000 away each year after that. I work full-time and still live at home so I would be able to put more money away into another account, should I also open a HTB ISA or should I just get a Cash ISA ? When eventually going to buy my first property could I combine a HTB ISA and a LISA ? Sorry if that's a stupid question, just trying to figure out how to best maximise my savings from now until I decide to leave home. Cheers, Adam.

garynmajor · 24 November 2017 at 3:13PM

Hi, I'm looking for advice on the best process in regards to transferring my H2B ISA balance into a LISA.

I currently have £5900 in my H2B ISA, I understand by opening a LISA now with £1 to start the clock and allowing my H2B ISA to build in the higher interest account is best, but by march 2018 I will have £6700 (Not including any additional interest) in my H2B ISA.

I understand the LISA has a max of £4000 per year, does this mean after transferring the £4000 to the LISA that I will be left with £2700 without the 25% government contribution?

If so, I will be left with a loss from my expected H2B contribution of £675 (25% of the £2700). Transferring to the LISA will earn me an added £1000 though, so I will be in profit by £325.

Am I correct in what I have said?
Is there a way to use the whole £6700 to gain a 25% government contribution?

Thanks for your time, I'm looking forward to your reply.
Garyn

slb123 · 27 November 2017 at 10:52PM

Advice please, my daughter had a help to buy isa and misunderstood what she had to do. she has just bought her 1st flat and thought she had to wait until after exchange to close the account. she only her instructed her solicitor to apply for the bonus after completion (she completed within a week of exchange). She has now been in the flat for 2 weeks. She has been told it is now too late to apply for the bonus as the sale has all gone through. Is there anything she can do to claim the bonus (about £700) of is she stuffed. Thanks for any helo

garynmajor · 1 December 2017 at 12:31PM

Hi, I'm looking for advice on the best process in regards to transferring my H2B ISA balance into a LISA.

I currently have £5900 in my H2B ISA, I understand by opening a LISA now with £1 to start the clock and allowing my H2B ISA to build in the higher interest account is best, but by march 2018 I will have £6700 (Not including any additional interest) in my H2B ISA.

I understand the LISA has a max of £4000 per year, does this mean after transferring the £4000 to the LISA that I will be left with £2700 without the 25% government contribution?

If so, I will be left with a loss from my expected H2B contribution of £675 (25% of the £2700). Transferring to the LISA will earn me an added £1000 though, so I will be in profit by £325.

Am I correct in what I have said?
Is there a way to use the whole £6700 to gain a 25% government contribution?

Thanks for your time, I'm looking forward to your reply.
Garyn

jone111 · 1 March 2018 at 9:50PM

Did you get any help?

First-time buyers trick: Max LISA and Help to Buy ISA gains by timing it right

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