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# Welcome to the MSE Forums

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• FIRST POST
• MSE Helen Saxon
• 16th Mar 16, 5:06 PM
• 75Posts
• 44Thanks
MSE Helen Saxon
Hi!

This is the discussion thread for the

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Thanks folks,
Page 57
• LegalCashier
• 3rd Jan 18, 11:32 PM
• 26 Posts
• 2 Thanks
LegalCashier
December 2015 - £1,000.00
January - December 2016 - £200.00 x 12 = £2,400.00
December 2016 - £85.82 (interest)
January - December 2017 - £200.00 x 12 = £2,400.00
December 2017 - £166.02 (interest)
January 2018 - £200.00

Total: £6,251.85
• Owen1991
• By Owen1991 3rd Jan 18, 11:48 PM
• 34 Posts
• 49 Thanks
Owen1991
December 2015 - £1,000.00
January - December 2016 - £200.00 x 12 = £2,400.00
December 2016 - £85.82 (interest)
January - December 2017 - £200.00 x 12 = £2,400.00
December 2017 - £166.02 (interest)
January 2018 - £200.00

Total: £6,251.85
Originally posted by LegalCashier
So of your £4000 limit, you currently have £1 in so £3999 then minus everything you've added since 6 April 2017 and take that away from £3999.

(Assuming you pay in at the start of each month before the 6th, that would be £1800 contributed this year + £166.02 interest = £1966.02)

So £3999 - £1966.02 = £2032.98

If you don't add anymore to the H2B ISA you should be able to transfer all of that into the LISA and a further £2000 for this tax year.
Save 12k in 2018 - £800/£12000 ~ # | Sealed Pot Challenge 2018 ~ #44
£7000 in LISA | £8000 in Savings - End of 2017
Debt Free | Saving for a House Deposit
• LegalCashier
• 4th Jan 18, 12:03 AM
• 26 Posts
• 2 Thanks
LegalCashier
3rd April the H2B ISA was at £4,285.82
So when I transfer to the LISA £1,966.03 will go towards the 17/18 allowance plus the £1.00. I will then transfer £2,032.97 from my other savings totalling £8,285.82 for 17/18. If I then transfer another £4,000.00 in 18/19 that will bring me up to £12,285.82 which should mean when I plan to buy in June the government bonus should be roughly £3,071.46.

I opened the LISA on June 20th 2016, I know it has to be open for at least 12 months but when would you suggest to start looking at properties and applying for a mortgage?
• Owen1991
• By Owen1991 4th Jan 18, 12:20 AM
• 34 Posts
• 49 Thanks
Owen1991
3rd April the H2B ISA was at £4,285.82
So when I transfer to the LISA £1,966.03 will go towards the 17/18 allowance plus the £1.00. I will then transfer £2,032.97 from my other savings totalling £8,285.82 for 17/18. If I then transfer another £4,000.00 in 18/19 that will bring me up to £12,285.82 which should mean when I plan to buy in June the government bonus should be roughly £3,071.46.

I opened the LISA on June 20th 2016, I know it has to be open for at least 12 months but when would you suggest to start looking at properties and applying for a mortgage?
Originally posted by LegalCashier
The bonus should be paid in late April/early May, so that should definitely be in.

As for when to start looking at properties and applying for a mortgage, I have no idea, as I haven't gone through the process or really looked into how long it takes yet.

I guess it can never hurt to start looking at what you can afford to buy a few months before, and hope it's still on the market by the time you go to buy.
Save 12k in 2018 - £800/£12000 ~ # | Sealed Pot Challenge 2018 ~ #44
£7000 in LISA | £8000 in Savings - End of 2017
Debt Free | Saving for a House Deposit
• oz0707
• By oz0707 4th Jan 18, 9:04 AM
• 506 Posts
• 137 Thanks
oz0707
Will providers accept transfers of LISA's in subsequent years? If I was to choose nutmeg now, could I switch to H&L or vice versa?
• oz0707
• By oz0707 4th Jan 18, 9:18 AM
• 506 Posts
• 137 Thanks
oz0707
Just had a look at AJ Bell. These seem to be the cheapest provider but not much in it. To invest 10k would I have to make 2 or 3 purchases of funds?
Ie
buy funds with government to up and my 4k top up year 2
buy funds with government 1k topup?

How do the other providers stack up with purchase fees can't remember seeing them? I'm just struggling to choose between platforms doesn't seem a lot in it. Nutmeg appear to allow transfers out but not in (yet). Although I do prefer the idea of holding a recognised fun (i.e. vanguard VLS).
• Punder2
• By Punder2 4th Jan 18, 12:17 PM
• 2 Posts
• 1 Thanks
Punder2
I have the funds to top up the £4k LISA limit for this tax year from lower interest paying accounts than my HTB ISA, so I would like to transfer over just the HTB contributions from the previous tax year (~£4k) to maximise the "free" bonus, and top up with £4k from other accounts for this years limit. I would then keep the HTB ISA open as a savings account with the contributions thus far from this year & continue to contribute £200 pm there. I realise that I would only get the 25% bonus from the LISA (not both) when buying a house - I just want to take advantage of the 3.5% interest on my Halifax HTB as I can max out the LISA regardless.

Has anyone tried a partial transfer of Halifax HTB ISA to the Skipton LISA, or can confirm whether the above approach would work?
• Owen1991
• By Owen1991 4th Jan 18, 3:02 PM
• 34 Posts
• 49 Thanks
Owen1991
I have the funds to top up the £4k LISA limit for this tax year from lower interest paying accounts than my HTB ISA, so I would like to transfer over just the HTB contributions from the previous tax year (~£4k) to maximise the "free" bonus, and top up with £4k from other accounts for this years limit. I would then keep the HTB ISA open as a savings account with the contributions thus far from this year & continue to contribute £200 pm there. I realise that I would only get the 25% bonus from the LISA (not both) when buying a house - I just want to take advantage of the 3.5% interest on my Halifax HTB as I can max out the LISA regardless.

Has anyone tried a partial transfer of Halifax HTB ISA to the Skipton LISA, or can confirm whether the above approach would work?
Originally posted by Punder2
I transferred my Barclays H2B into Skipton and I believe there was an option to partially transfer but I'm not 100%.

Surely getting the bonus on the whole sum from your H2B ISA works out as more money than the interest you would gain from using it as a savings account?
Save 12k in 2018 - £800/£12000 ~ # | Sealed Pot Challenge 2018 ~ #44
£7000 in LISA | £8000 in Savings - End of 2017
Debt Free | Saving for a House Deposit
• pjcox2005
• 4th Jan 18, 3:07 PM
• 489 Posts
• 533 Thanks
pjcox2005
I can't see it but does anyone know if there are any restrictions using a LISA if you are buying off a family member? Would be fine for rest of rules re FTB, house value etc.
• Punder2
• By Punder2 4th Jan 18, 5:39 PM
• 2 Posts
• 1 Thanks
Punder2
Thanks Owen.

I would still plan to maximise the government bonus by transferring the full £4K limit from another account. The only bit I wouldn’t be transferring across from the H2B would be this years contributions, which would have counted toward the limit anyway. So instead I would keep that £1800 on the 3.5% rate which is superior to some of my savings accounts elsewhere. If I transferred the whole balance, then I would only be able to start transferring in £200 to the H2B again from £0, if that makes sense!
• eskbanker
• 4th Jan 18, 7:39 PM
• 6,064 Posts
• 6,086 Thanks
eskbanker
I can't see it but does anyone know if there are any restrictions using a LISA if you are buying off a family member? Would be fine for rest of rules re FTB, house value etc.
Originally posted by pjcox2005
I can't see how being related to the seller would make a difference, provided the sale is formally conducted in the usual way through an accredited conveyancer, with a mortgage involved, etc.
• pjcox2005
• 4th Jan 18, 9:35 PM
• 489 Posts
• 533 Thanks
pjcox2005
I can't see how being related to the seller would make a difference, provided the sale is formally conducted in the usual way through an accredited conveyancer, with a mortgage involved, etc.
Originally posted by eskbanker

Great, that's my understanding as well but always unsure if I'm not spotting something. Solicitor will obviously advise when the time comes but trying to check beforehand.
• Alexland
• By Alexland 4th Jan 18, 9:37 PM
• 1,095 Posts
• 723 Thanks
Alexland
I opened the LISA on June 20th 2016, I know it has to be open for at least 12 months but when would you suggest to start looking at properties and applying for a mortgage?
Originally posted by oz0707
There is no harm looking but I don't think you would be in a position to put an offer forward until at least mid April given conveyancing usually takes 2-3 months. Maybe later in Scotland.

Alex
• Alexland
• By Alexland 4th Jan 18, 9:43 PM
• 1,095 Posts
• 723 Thanks
Alexland
Will providers accept transfers of LISA's in subsequent years? If I was to choose nutmeg now, could I switch to H&L or vice versa?
Originally posted by oz0707
Yes there is no reason you would not be able to change LISA providers in future provided that there are providers willing to take new business transfers in. Your existing provider would not be allowed to stop you transfering out but might apply an administrative exit fee. Nutmeg do not currently charge an exit fee but HL do. I have raised the issue of exit fees to the FCA as potentially damaging to competition when they asked for public input into their proposed platform study.

Alex
Last edited by Alexland; 04-01-2018 at 9:50 PM.
• Alexland
• By Alexland 4th Jan 18, 9:48 PM
• 1,095 Posts
• 723 Thanks
Alexland
How do the other providers stack up with purchase fees can't remember seeing them? I'm just struggling to choose between platforms doesn't seem a lot in it. Nutmeg appear to allow transfers out but not in (yet). Although I do prefer the idea of holding a recognised fun (i.e. vanguard VLS).
Originally posted by oz0707
I believe that AJ Bell are the only platform to charge fund trading fees but they have the lowest platform custody charge so it can work out cheaper. On HL fund trading is included but you would pay to trade Shares, ETFs or ITs. Nutmeg includes ETF trading which is all they need for their portfolios.

Alex
Last edited by Alexland; 04-01-2018 at 9:51 PM.
• Hipperty
• By Hipperty 5th Jan 18, 5:53 PM
• 4 Posts
• 3 Thanks
Hipperty
I have the funds to top up the £4k LISA limit for this tax year from lower interest paying accounts than my HTB ISA, so I would like to transfer over just the HTB contributions from the previous tax year (~£4k) to maximise the "free" bonus, and top up with £4k from other accounts for this years limit. I would then keep the HTB ISA open as a savings account with the contributions thus far from this year & continue to contribute £200 pm there. I realise that I would only get the 25% bonus from the LISA (not both) when buying a house - I just want to take advantage of the 3.5% interest on my Halifax HTB as I can max out the LISA regardless.

Has anyone tried a partial transfer of Halifax HTB ISA to the Skipton LISA, or can confirm whether the above approach would work?
Originally posted by Punder2

Yes, I have done a partial transfer in order to keep the Halifax H2B open. You have to complete a form from Skipton website to do the transfer and it gives you the option for a partial transfer.
• DeanMB
• By DeanMB 7th Jan 18, 11:19 PM
• 176 Posts
• 27 Thanks
DeanMB
I opened a Halifax HTB ISA in Dec 2015 and have contributed £6200 so far, gaining £262.12 interest along the way.

I also opened a LISA and deposited £1 to start the lead-in period with a view to transferring my HTB ISA across in March.

When I come to transfer, what will happen to the bonus I am owed on my HTB contributions (£1550 so far)? Obviously I'd rather not lose £1550 if I could help it.
• eskbanker
• 8th Jan 18, 12:11 AM
• 6,064 Posts
• 6,086 Thanks
eskbanker
I opened a Halifax HTB ISA in Dec 2015 and have contributed £6200 so far, gaining £262.12 interest along the way.

I also opened a LISA and deposited £1 to start the lead-in period with a view to transferring my HTB ISA across in March.

When I come to transfer, what will happen to the bonus I am owed on my HTB contributions (£1550 so far)? Obviously I'd rather not lose £1550 if I could help it.
Originally posted by DeanMB
Unlike HTB ISA bonuses, which are only paid when buying the first property, LISA bonuses are paid at the start of the 2018/19 tax year (for everything in the LISA by 5 April 2018) and monthly thereafter for subsequent contributions. So, yes, if you transfer £6200 from a HTB ISA to a LISA before 5 April 2018, you'll receive a £1550 bonus in late April/early May 2018.
• AlphaSatsuma
• 8th Jan 18, 3:12 PM
• 11 Posts
• 227 Thanks
AlphaSatsuma
I'm in an bit of a strange (stupid) situation, hopefully someone knows some of the technicalities to help me.

I have had a H2B since 2015 with Halifax and have maxed that out every month since opening.
When LISAs came along I read about the year wait thing before being able to use, so I opened a Nutmeg LISA with the minimum £100 thinking I could transfer my H2B in in April this year and get the bonus on it all in their S&S LISA. However I've just noticed now that nutmeg for some reason are not allowing transfers from H2B.
So, I'm now looking to open a Skipton cash LISA so that I can transfer H2B in before April and get the extra bonus. However I don't know if I can transfer my Nutmeg LISA first to keep my original opening date and allow me to use sooner, if required? Or do I need to close the nutmeg one before the anniversary so I don't get charged and just open a new LISA and accept it? I assume you must be able to transfer LISAs to keep the flexibility of changing between cash and S&S?

• Ed-1
• By Ed-1 8th Jan 18, 4:29 PM
• 1,998 Posts
• 1,112 Thanks
Ed-1
I'm in an bit of a strange (stupid) situation, hopefully someone knows some of the technicalities to help me.

I have had a H2B since 2015 with Halifax and have maxed that out every month since opening.
When LISAs came along I read about the year wait thing before being able to use, so I opened a Nutmeg LISA with the minimum £100 thinking I could transfer my H2B in in April this year and get the bonus on it all in their S&S LISA. However I've just noticed now that nutmeg for some reason are not allowing transfers from H2B.
So, I'm now looking to open a Skipton cash LISA so that I can transfer H2B in before April and get the extra bonus. However I don't know if I can transfer my Nutmeg LISA first to keep my original opening date and allow me to use sooner, if required? Or do I need to close the nutmeg one before the anniversary so I don't get charged and just open a new LISA and accept it? I assume you must be able to transfer LISAs to keep the flexibility of changing between cash and S&S?

Originally posted by AlphaSatsuma
You can only pay into one Lifetime ISA per tax year. You could either close the Nutmeg LISA (there's no charge for 2017/18 only) and then pay into a Skipton LISA or if you want to keep the original opening date, you can transfer the Nutmeg LISA into a Skipton LISA.

You can't pay into both Nutmeg and Skipton LISAs in the same tax year.