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  • FIRST POST
    • MSE Eesha
    • By MSE Eesha 25th Jul 16, 1:53 PM
    • 77Posts
    • 21Thanks
    MSE Eesha
    First-time buyers trick: Max LISA and Help to Buy ISA gains by timing it right
    • #1
    • 25th Jul 16, 1:53 PM
    First-time buyers trick: Max LISA and Help to Buy ISA gains by timing it right 25th Jul 16 at 1:53 PM
    This is the discussion to link on the back of Martin's blog. Please read the blog first, as this discussion follows it.





    Please click 'post reply' to discuss below.
Page 2
    • BobbyBob
    • By BobbyBob 15th Mar 17, 4:06 PM
    • 1 Posts
    • 0 Thanks
    BobbyBob
    Hi,

    I'm a little confused to Martin's advice (particularly rule number 3).

    1) I thought that you could only transfer money that was saved in a HTB before April 2017 to a LISA and it not impact your LISA allowance for the April 2017 - April 2018 year?

    2) If you have a LISA and a HTB and you transfer your HTB savings from before April 2017 into the LISA on 6th April 2017, do you still get the full allowances for both savings accounts for that year? For example you can still save £200 per month in HTB in the April 2017 - April 2018 year, plus you can save the full £4000 (plus the money transfered from HTB in previous year) in your LISA in the April 2017 - April 2018 year? This is what I would do. I'm aware that I can only use the 25% bonus on one of the accounts.

    Thank you
    Last edited by BobbyBob; 15-03-2017 at 4:09 PM.
    • Ed-1
    • By Ed-1 15th Mar 17, 4:35 PM
    • 1,639 Posts
    • 884 Thanks
    Ed-1
    Hi,

    I'm a little confused to Martin's advice (particularly rule number 3).

    1) I thought that you could only transfer money that was saved in a HTB before April 2017 to a LISA and it not impact your LISA allowance for the April 2017 - April 2018 year?

    2) If you have a LISA and a HTB and you transfer your HTB savings from before April 2017 into the LISA on 6th April 2017, do you still get the full allowances for both savings accounts for that year? For example you can still save £200 per month in HTB in the April 2017 - April 2018 year, plus you can save the full £4000 (plus the money transfered from HTB in previous year) in your LISA in the April 2017 - April 2018 year? This is what I would do. I'm aware that I can only use the 25% bonus on one of the accounts.

    Thank you
    Originally posted by BobbyBob
    You understand both correctly. What is your issue with point 1?
    • HEROWHENZERO
    • By HEROWHENZERO 21st Mar 17, 6:52 PM
    • 69 Posts
    • 108 Thanks
    HEROWHENZERO
    I had a house back in 2004 for a year, lost the house when i split up with the ex and have been renting ever since. Am I still classed as a home owner in the eyes of using a LISA so save for a house? Effectively I see myself as a first time buyer again, as I have no house at all in my name. Secondly, my wife is a true first time buyer, therefore if she was to open a LISA and save, would we be able to use that money to buy a house together in the future as "first-time buyers".
    Just for today I will not try to solve all my life problems at once. | DFD: April 2033 April 2031
    Original Debt: £96K Mar 2016 | Current Debt:
    £88,181.73 Mar 2017

    • WillPS
    • By WillPS 22nd Mar 17, 9:48 PM
    • 115 Posts
    • 57 Thanks
    WillPS
    I had a house back in 2004 for a year, lost the house when i split up with the ex and have been renting ever since. Am I still classed as a home owner in the eyes of using a LISA so save for a house? Effectively I see myself as a first time buyer again, as I have no house at all in my name. Secondly, my wife is a true first time buyer, therefore if she was to open a LISA and save, would we be able to use that money to buy a house together in the future as "first-time buyers".
    Originally posted by HEROWHENZERO
    If you've ever owned a house, you're out of luck.

    My friend "inherited" his grandfather's house when he was a teenager - in actual fact his Dad had arranged it all that way as some sort of tax or bankruptcy fiddle, and he didn't particularly benefit from it; but he had technically briefly owned a house and so couldn't benefit from the Help to Buy ISA.

    I understand the rules are the same.
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