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  • FIRST POST
    • billymadbiker
    • By billymadbiker 3rd Oct 17, 2:54 PM
    • 208Posts
    • 28Thanks
    billymadbiker
    LISA Questions..
    • #1
    • 3rd Oct 17, 2:54 PM
    LISA Questions.. 3rd Oct 17 at 2:54 PM
    Hi all,
    I have just (yesterday) opened a Skipton cash LISA. This is my first isa/savings account.
    I turned 39 3 weeks ago.
    I have opened the Lisa account with £1.
    I will transfer the remaining £3999 before April 2018.

    Plan is to gain the 25% bonus to use towards a ftb house purchase in the next 3-4 years. I am self-employed so also intend to use the Lisa as my (currently only) pension savings fund.

    I have the following questions if anyone can help me out?

    1: Can I also open a ftb/htb isa today with £1000, then pay in the £200 pm until March next year and transfer the £2k into my Lisa gaining me an extra £500 bonus? (I am presuming I am unable to open a 2nd isa in this same tax year so it's a no-go?)

    2: I deposit £3999 in the Skipton Lisa March 2018. April 2018 I then deposit another £4000. So by may 18 I should have £10k in the Lisa account. I will not be able to use this for a house purchase until October 18 (as that's the 1yr the Lisa will have been open for) if I waited to buy until May 2019 I could have £15k available then? Is this correct?

    3: April 2018 - I can open a s&s LISA alongside my cash LISA?
    Can I also pay £4k into this? (So total of £8k a year)
    Will I also attract a 25% bonus on this 2nd Lisa?
    If so, could somebody continue to open one new Lisa each tax year?
    (I realise I personally won't as I will by over 40 by 2019)
    My theory behind having the 2nd Lisa as s&s is to start using that one for my pension. If I don't end up buying a house I would transfer the funds from the cash LISA into it for longer term investment

    4: If I don't buy a house and transfer the funds from a cash lisa into a s&s LISA I presume the 25% bonus also gets transferred across and I get to keep it (withdrawable at 60)

    5: My partner is not currently working so the house purchase is intended to be in my name only (sole applicant for mortgage) If they also open a cash lisa will we be able to use the bonus from that against a property?

    Thanks in advance for any help!!
    Last edited by billymadbiker; 03-10-2017 at 2:59 PM.
Page 1
    • george4064
    • By george4064 3rd Oct 17, 2:59 PM
    • 865 Posts
    • 932 Thanks
    george4064
    • #2
    • 3rd Oct 17, 2:59 PM
    • #2
    • 3rd Oct 17, 2:59 PM
    Hi Billy - I would recommend you copy and paste this post to the Lifetime ISA guide thread - HERE.
    "If you arenít willing to own a stock for ten years, donít even think about owning it for ten minutesĒ Warren Buffett

    Save £12k in 2016 - #045 £10,358.81/£12,000 (86%)
    Save £12k in 2017 - #003 £11,830.10/£12,000 (99%)
    • Lolly88
    • By Lolly88 3rd Oct 17, 3:07 PM
    • 237 Posts
    • 737 Thanks
    Lolly88
    • #3
    • 3rd Oct 17, 3:07 PM
    • #3
    • 3rd Oct 17, 3:07 PM
    You could open a HTB ISA but the money you deposit in that would be deducted from the money you can deposit in your LISA. I.e. Deposit £1200 in HTB ISA and continue paying in until march the total will be £2200 and that leaves you with £1799 that you can deposit in the LISA if you plan to transfer the HTB ISA in the new tax.

    2. If you deposit the maximum in this financial year and immediately deposit the maximum at the start of the new financial year you will have £8000 plus any interest accrued.

    3. I have no idea how the S&S LISA works so someone else can advise on that or alternatively you can check out LISA thread.
    House Fund - £30142.19
    Save 7k in 2017 #6: £7142.19/£7,000
    Save 12k in 2016: £14,750/£12000 - Save 6k in 2015: £8250/£6000
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