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Lifetime ISAs guide

edited 14 May 2018 at 1:33PM in ISAs & Tax-free Savings
2.3K replies 364.8K views
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  • ChapuysChapuys Forumite
    156 posts
    Eighth Anniversary Combo Breaker
    Any idea if the base rate rise is going to mean Skipton will increase the dizzying heights of their LISA interest rate..?

    Its raising to the great height of 0.75%!

    http://www.skipton.co.uk/base-rate-change
    Anything I say in no way constitutes financial advice and anything you do is your own decision.
  • Chapuys wrote: »
    Its raising to the great height of 0.75%!

    http://www.skipton.co.uk/base-rate-change

    :eek:

    Genuinely really excited by this. What a time to be alive.
  • AlexlandAlexland Forumite
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    I'll eat my words then!
  • Hi there,

    First Time Poster..Sorry if this has already been covered in an earlier thread.

    I am currently with the USS pension fund.I have just gone part time in work (mid 30s) due to two young children, and it has caused me to reevaluate how much I'm saving for retirement. I cannot figure out if it better for me to contribute to the Investment Builder part of the USS (and if so - how much? is 10% of salary a good aim? I am already contributing 7.5% with 1% match), or take out a stocks and shares LISA.

    My husband is freelance with no pension (eek!), and I own a house but he is not on the mortgage. If he opens a Cash LISA with the intent of using it to come on to the mortgage when we buy a bigger house in 4-5 years (our aim), can he transfer this to a stocks and shares LISA if we do not end up doing this? Or is he locked into a CASH LISa?

    Many thanks,
    Elaine
  • eskbankereskbanker Forumite
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    stellhick wrote: »
    I am currently with the USS pension fund.I have just gone part time in work (mid 30s) due to two young children, and it has caused me to reevaluate how much I'm saving for retirement. I cannot figure out if it better for me to contribute to the Investment Builder part of the USS (and if so - how much? is 10% of salary a good aim? I am already contributing 7.5% with 1% match), or take out a stocks and shares LISA.
    In general it makes more sense to use a pension than a LISA for retirement planning (https://www.moneysavingexpert.com/savings/lifetime-ISAs#pension2), and to put as much as you can afford into it - I don't know details about the USS one but perhaps try the pensions board for that, at http://forums.moneysavingexpert.com/forumdisplay.php?f=19.
    stellhick wrote: »
    My husband is freelance with no pension (eek!), and I own a house but he is not on the mortgage. If he opens a Cash LISA with the intent of using it to come on to the mortgage when we buy a bigger house in 4-5 years (our aim), can he transfer this to a stocks and shares LISA if we do not end up doing this? Or is he locked into a CASH LISa?
    Transfers between cash LISAs and S&S LISAs are allowed.
  • Hi,
    My grandmother recently died. She has left the house to my sisters and I, although, we cannot make any decisions regarding it's use or claim any benefit from it without our fathers permission. From what i understand, it is essentially his while he is alive but he cannot sell it without our permission. Do i still count as a first time buyer?

    Many thanks,
    Ronnie
  • AlexlandAlexland Forumite
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    Who is the owner at the land registry?
  • So no rumours about anyone else doing Cash LISAs? Was hoping to get one with my own bank (First Direct) just to keep things simple. I suppose I'll leave it to February before reluctantly opening one with Skipton.
  • AcerBen wrote: »
    reluctantly

    In fairness, Skipton have been nothing but straightforward and quite lovely since I’ve opened my account. Ok yes I still only have £1 in there but they’ve been really helpful with all my queries about my upcoming transfer etc. They’re small but in my mind that’s actually quite refreshing. Perhaps even dare I say it more ‘ethical’ than other bigger providers (famous last words)

    Yes it’s annoying no other bank is doing one but I don’t have any loyalty to anyone - a bank account is a bank account to me. As long as it’s safe somewhere I don’t really mind.

    A few extras might pop up next tax year maybe. If the interest is better you can always transfer over.
  • AlexlandAlexland Forumite
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    It's interesting to see some other providers such as Nationwide have been lobbying for an extension to the HTB ISA as they still don't feel comfortable with the LISA exit penalty.

    http://www.yourmoney.com/mortgages/nationwide-calls-extension-help-buy-isa/

    I think we are heading towards crunch time as the standoff between the government and financial institutions on the LISA.
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