Lifetime ISAs guide
Comments
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LISAs launch this Thursday, and by opening one you can get up to £32,000 free...
Totally reckless advise and misguided suggesting an "up to" figure.
The advice and discussion for LISA should be totally segregated for those intending house purchase and for those saving for retirement.
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ROS ALTMANN: Lifetime Isas should be abandoned - BEWARE if you are tempted to get one
http://www.thisismoney.co.uk/money/pensions/article-4383104/ROS-ALTMANN-Lifetime-Isas-abandoned.html
That entire article seems to hang on the idea that people will ditch their pension in favour of a LISA, rather than have the LISA alongside a pension.Totally reckless advise and misguided suggesting an "up to" figure.
There's no advise [sic] in that statement, and you can get up to £32k from the LISA, assuming nothing changes in its lifetime.0 -
I had a few questions on page 19 that I need help answering, about transfer rules, stocks and shares LISA depreciation and what interest to expect from cash LISA.0
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Good morning!
A quick question with regards to the next course of action for me. I think I will be likely buying a property next year (probably towards the end). I currently have £2k in my HTB and I would like to maximise the opportunity with the LISA.
Should I continue to pay £200k per month into my HTB until June and open LISA then transfer or should I wait until June and open a LISA then transfer the HTB into the LISA?
Thanks !0 -
Hi,
I've just spoken to a customer services representative at The Share Centre (one of the companies launching the stocks and shares LISA). They told me that I can't open a LISA with £1 in to start the year clock ticking, and pay into my existing H2B ISA in the same tax year.
This contradicts the article 'Should you switch your Help to Buy ISA into a Lifetime ISA?' on the website. Please could someone clarify?
Many thanks in advance0 -
Had a search through but couldn't find an answer.
Can I have a LISA if I already have and contribute into a regular ISA?I’m a Forum Ambassador and I support the Forum Team on the Quick Grabbit, Freebies, Overseas Holidays & Travel Planning and the UK Holidays, Days Out & Entertainments boards.
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All views are my own and not the official line of MoneySavingExpert.0 -
Does the LISA withdrawal penalty apply to S&S LISAs the same as cash LISAs ?
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"5. After the 1st year, other withdrawals have a penalty.
You can withdraw money from a LISA whenever you want, penalty-free, until 5 April 2018 (though you'll need to close it). After, unless it's for a qualifying first-time property, you've hit 60 (or have a terminal illness/die) there's a 25% penalty taken off withdrawals.
The net effect of a 25% bonus, then 25% penalty, is you lose roughly £6 per £100 you put in (do it on a calculator if you don't believe me). So only put money in you're sure will be used for one of the two intended purposes."
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I'm considering a Barclays 'Springboard mortgage' vs my H2B -> LISA strategy and obviously don't want to lose money if at all possible....
*Edit* Ideally like to aim to buy in May 2018 so want to "get the LISA clock ticking ASAP" but conversely I don't want to be investing in a S&S LISA (thinking Nutmeg currently) if I end up taking advantage of a Barclays Springboard mortgage if that means I would lose £ -- I don't know much about the Springboard mortgages but it appears it's the same scenario that a LISA would be used for (deposit on house only) and ergo, I couldn't take advantage of BOTH strategies (springboard + H2B rolled into a LISA....)0 -
Ok, I've just opened a S&S LISA with Nutmeg- £100 deposit- and will swap to a cash LISA as and when it becomes available later in the year and merge the S&S LISA and H2B ISA into it.
Owning a home one day is starting to feel more real
£20k in 2023 = £2718 £2023 in 2023 = £196.41 Grocery challenge £250= £195.80 **MONEY MAKES ME HAPPY**0 -
I don't think you're being cynical, I think it's exactly the long term plan they've got in mind. The ageing population is rapidly becoming a real drain on resources as the baby boomers become pensioners. Looking into the future it's becoming a serious concern for how they can afford to give people state pension when people are living longer and longer. Raising the age of retirement again and again can *surely* only work to a point. It's already got people up in arms and I'm in my thirties, so I'm probably looking at being in my seventies before I'd qualify for a state pensions, if there are any available by then.
Encouraging young people to save for a home will ease them into saving for a pension so the government can then slip off the hook for having to recompense them in their old age. Despite them contributing to national insurance for their entire working lives.*********************************************************************
jack-knight.graphics
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I've been all set to open a LISA for months and now the new tax year is here and there's naff all available. The stocks and shares things have always unnerved me because I don't like gambling and I don't feel comfortable putting my savings into something that's not a savings account, it's a glorified casino.
The banks are all sitting there saying they don't want to launch a LISA until they can see how they work and how the public respond to them. Catch 22 here is that if there aren't any available for people to open, how on earth can they observe the results?*********************************************************************
jack-knight.graphics
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