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  • FIRST POST
    • chocogrum
    • By chocogrum 14th Mar 17, 5:14 PM
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    chocogrum
    LISA for Mortgage AND Retirement?
    • #1
    • 14th Mar 17, 5:14 PM
    LISA for Mortgage AND Retirement? 14th Mar 17 at 5:14 PM
    Does anyone know if it's possible to use your LISA for mortgage and retirement? For example,
    if I withdraw some of my LISA (+ bonus) to use for a mortgage, can I still keep saving until I'm 60 and get the bonus again when I retire? I've searched all over the internet and can't seem to find an answer to this specific question.
Page 1
    • Ed-1
    • By Ed-1 14th Mar 17, 5:32 PM
    • 1,859 Posts
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    Ed-1
    • #2
    • 14th Mar 17, 5:32 PM
    • #2
    • 14th Mar 17, 5:32 PM
    Does anyone know if it's possible to use your LISA for mortgage and retirement? For example,
    if I withdraw some of my LISA (+ bonus) to use for a mortgage, can I still keep saving until I'm 60 and get the bonus again when I retire? I've searched all over the internet and can't seem to find an answer to this specific question.
    Originally posted by chocogrum
    That's the whole point of a LISA - to give you Government contributions to help you save throughout your lifetime for specific events. Currently only house purchase and retirement (age 60) qualify for charge-free withdrawals but more could be added in in future.
    • jimjames
    • By jimjames 14th Mar 17, 9:54 PM
    • 11,836 Posts
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    jimjames
    • #3
    • 14th Mar 17, 9:54 PM
    • #3
    • 14th Mar 17, 9:54 PM
    If you're using it for retirement you certainly wouldn't want to be using cash options in it, it should be the S&S/investment version.
    Remember the saying: if it looks too good to be true it almost certainly is.
    • greenglide
    • By greenglide 14th Mar 17, 10:53 PM
    • 2,682 Posts
    • 1,693 Thanks
    greenglide
    • #4
    • 14th Mar 17, 10:53 PM
    • #4
    • 14th Mar 17, 10:53 PM
    I don't believe that the OP's question has actually been answered
    if I withdraw some of my LISA (+ bonus) to use for a mortgage, can I still keep saving until I'm 60 and get the bonus again when I retire?
    My understanding is that you can withdraw some of the funds from a LISA for a house purchase but continue making contributions to use at age 60 or later.

    The bonus is added monthly after April 2018 so the concept of getting the bonus "again" doesn't exist. Each time you put money in you get the bonus on it. You then keep it (it isn't ring fenced or anything - money in a LISA is all the same) and can withdraw for a qualifying purpose. If you withdraw some or all for a non - qualifying purpose the bonus is claimed back plus a penalty charge.
    • Ed-1
    • By Ed-1 14th Mar 17, 10:58 PM
    • 1,859 Posts
    • 988 Thanks
    Ed-1
    • #5
    • 14th Mar 17, 10:58 PM
    • #5
    • 14th Mar 17, 10:58 PM
    I don't believe that the OP's question has actually been answered My understanding is that you can withdraw some of the funds from a LISA for a house purchase but continue making contributions to use at age 60 or later.

    The bonus is added monthly after April 2018 so the concept of getting the bonus "again" doesn't exist. Each time you put money in you get the bonus on it. You then keep it (it isn't ring fenced or anything - money in a LISA is all the same) and can withdraw for a qualifying purpose. If you withdraw some or all for a non - qualifying purpose the bonus is claimed back plus a penalty charge.
    Originally posted by greenglide
    Correct. You can have as many LISAs as you want but only one per tax year, unlike the Help to Buy ISA where you could only ever hold one and the bonus wasn't paid into the account as it was for a single purpose.
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