Transfers in the Skipton Lifetime ISA

I was wondering if anyone has requested a transfer of a Help2Buy ISA in to a Lifetime ISA and seen the funds arrive in their Lifetime ISA yet?

I posted my application on the 6th, received a text confirmation that it's been received on the 9th and my Help2Buy ISA provider closed the account on the 15th. However, I'm still waiting for the funds to appear in my Lifetime ISA.
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  • Alexland
    Alexland Posts: 9,652
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    I would suspect Skipton have a lot of work on at the moment! The complexity of administering this product is one of the reasons for the poor interest rate. I guess they will be keen to see how many of these LISAs turn into mortgage applications as that's where the opportunity is for them.
  • epm-84
    epm-84 Posts: 2,723
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    Alexland wrote: »
    I would suspect Skipton have a lot of work on at the moment! The complexity of administering this product is one of the reasons for the poor interest rate. I guess they will be keen to see how many of these LISAs turn into mortgage applications as that's where the opportunity is for them.

    Surely it'll depend how much people have in the Help2Buy ISAs they are transferring. Transferring one with a balance of £6,000 will be more beneficial to Skipton than transferring six with a balance of £1000.
  • Still waiting on mine.
    My Help to Buy ISA is still open at Halifax.
    Hoping all goes through okay. I imagine I won't know until after the March 1st cut off date.
    At which point if it doesn't happen for whatever reason, I'm screwed.

    I don't think the transfer application was as clear as it could have been if I'm honest.
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  • Alexland
    Alexland Posts: 9,652
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    epm-84 wrote: »
    Surely it'll depend how much people have in the Help2Buy ISAs they are transferring. Transferring one with a balance of £6,000 will be more beneficial to Skipton than transferring six with a balance of £1000.

    The cost of administering the LISA product will be so high they will struggle to make any return regardless of those with higher account balances. The opportunity for them is in converting them to become mortgage customers - that's where the big money is made.
  • Mine still hasn!!!8217;t gone across either and I have similar timeframes to you:
    Posted form to Skipton 5 Feb
    Nationwide received transfer request on 12 Feb
    Help to Buy account closed on 14 Feb
    I spoke to Skipton on 22 Feb and they confirmed they have received the cheque from Nationwide but to allow 5 days for them to process it
  • Alexland
    Alexland Posts: 9,652
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    Mine still hasn!!!8217;t gone across either and I have similar timeframes to you:
    Posted form to Skipton 5 Feb
    Nationwide received transfer request on 12 Feb
    Help to Buy account closed on 14 Feb
    I spoke to Skipton on 22 Feb and they confirmed they have received the cheque from Nationwide but to allow 5 days for them to process it

    Tight but if they have the cheque then I expect you will be ok as Nationwide cheques are not made from rubber.

    Alex
  • Thank Alex, yes I was just being impatient!

    As a quick update, the money has appeared in my account today. Skipton said they’re processing the cheques received on the 22 Feb today so fingers crossed OP you’ll receive something soon if you haven’t already.
  • eddidaz
    eddidaz Posts: 69
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    Submitted my request to Skipton today to bring in from Barclays, fingers crossed!
  • My daughters partial Halifax HTBISA (balance at 5/4/17) transfer to her Skipton LISA opened last year, was initiated on 7/1/18 and has still not been completed today - comes up as "pending"! Patience is needed!
  • Wagas
    Wagas Posts: 14 Forumite
    My daughters partial Halifax HTBISA (balance at 5/4/17) transfer to her Skipton LISA opened last year, was initiated on 7/1/18 and has still not been completed today - comes up as "pending"! Patience is needed!

    Is the money still showing in the Halifax account? My partial HTB transfer from Halifax was initiated at the end of Jan and took 15 days to appear in my Skipton account.
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