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    • Archiethere
    • By Archiethere 6th Apr 17, 9:19 AM
    • 6Posts
    • 3Thanks
    Archiethere
    What should I do about my help to buy isa?
    • #1
    • 6th Apr 17, 9:19 AM
    What should I do about my help to buy isa? 6th Apr 17 at 9:19 AM
    Hi, I'm looking to eventually purchase a property, I have been saving into a help to buy isa. I currently have £2500 in this account plus £1400 in a savings account.

    I had been planning to transfer my savings into a LISA but seeing as no providers are currently offering a cash version I'm wondering wether I should.

    I've just been reading the current options available, and the sharecentre has a minimum investment of £1 and you can transfer over your help to buy isa. If I did this would my money be at risk? How much risk would it be under when selecting a cautious approach?
    Would I be able to transfer all my money into this account then move it to a cash LISA when they open?

    Ideally I would like to transfer my money into a LISA as I've read about people having issues accessing the bonus on the help to buy isa can be complicated. Another reason why I'd like to get a LISA open is time, I'd like to own a house sooner rather than later, in coming up to 32 now, I had thought that I could cope with saving till next April, but waiting for a cash isa would only further delay me getting a house.

    Alternatively what would happen if I opened a LISA today, with the bare minimum £1, would I then able to transfer my h2b savings at the stage of opening a cash lisa? I do not like the idea of risking my money in any way. It's taken me a long time to get this far.

    Should I wait for a cash version to open or would putting my savings in this account be relatively risk free?

    Apologies for all the questions I really don't know what's for the best. Keep saving in my h2b, open a LISA and transfer, open a Lisa with the bare minimum or put all my money on a horse.

    Thanks.
Page 1
    • masonic
    • By masonic 6th Apr 17, 6:38 PM
    • 9,099 Posts
    • 6,232 Thanks
    masonic
    • #2
    • 6th Apr 17, 6:38 PM
    • #2
    • 6th Apr 17, 6:38 PM
    I doubt you would even need to put your £1 at risk, but if you did have to, I think you could probably afford to lose it all

    You do not need to transfer in your HTB ISA until after you've moved the LISA elsewhere if that's what you intend to do.
    • bowlhead99
    • By bowlhead99 6th Apr 17, 7:28 PM
    • 6,179 Posts
    • 10,877 Thanks
    bowlhead99
    • #3
    • 6th Apr 17, 7:28 PM
    • #3
    • 6th Apr 17, 7:28 PM
    If you're realistic with yourself, most people who only have £3.9k to their name and don't earn a monster salary or live in a cheap part of the country are not going to have enough money for a property plus solicitor fees and other closing costs and moving costs and money set aside for reasonable rainy day savings, within only 12 months. You only need to have set the LISA up 12 months before the property is ready to complete, to be able to withdraw penalty free.

    So by all means open a product you don't want this month, and then transfer it later to a product you do want, but it is probably a waste of effort if you're not ready to buy by end of April 2018.

    You can transfer your help to buy savings to a LISA at any point as long as the transfer goes through before 5 April 2018. So, open a LISA once you find someone you want to open one with unless it is critical to do so earlier - which for many, it won't be.
    • Archiethere
    • By Archiethere 18th Apr 17, 7:55 PM
    • 6 Posts
    • 3 Thanks
    Archiethere
    • #4
    • 18th Apr 17, 7:55 PM
    • #4
    • 18th Apr 17, 7:55 PM
    Thanks for your replies. I've only just seen them. I'll open a Lisa asap then transfer my savings once a cash version opens.
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