Lifetime ISAs guide

Zorillo

It makes it abundantly clear that you can't do that, as you wouldn't be a first time buyer for the second property.

eskbanker

kacielmorgan wrote: »

I'm just in the process of setting up a private pension and now I'm beginning to wonder whether I'd be better off going for one of these accounts instead. Thoughts?

There's some analysis of pros and cons at https://www.moneysavingexpert.com/savings/lifetime-ISAs/#pension2 that should help you decide....

Alexland

Alexland wrote: »

So having recently received last year's bonuses we go to contribute new money into our LISAs for this year to find HL have incorrectly recorded the transferred 2017 contributions as occuring this tax year so no further contributions are allowed. Another message sent.

It's now Friday afternoon and HL haven't replied to my message from Monday morning so sent a new message to chase. If they want to seriously compete in the poor service market it would be good if they implemented the TopCashBack 'nudge' button.

Alex.

belfast_gal

So thanks to advice on this forum I have now transferred my cash LISA to a stocks and shares LISA with AJBell. I wish I hadn't, because their website is so unintuitive and there is absolutely no advice for new customers how they go about choosing funds. My bad for not doing the research beforehand, but I know nothing about shares or funds etc, I assumed it was a managed fund. Whole load of hassle to get it transferred and now I don't know where to even start!

Alexland

belfast_gal wrote: »

So thanks to advice on this forum I have now transferred my cash LISA to a stocks and shares LISA with AJBell. I wish I hadn't, because their website is so unintuitive and there is absolutely no advice for new customers how they go about choosing funds. My bad for not doing the research beforehand, but I know nothing about shares or funds etc, I assumed it was a managed fund. Whole load of hassle to get it transferred and now I don't know where to even start!

Ok having made this transfer then I assume you are planning to invest for 20+ years so you might want to consider the low cost Vanguard LifeStrategy 80 or HSBC Global Strategy Dynamic funds. Alternatively you might wish to consider the less volatile Vanguard LifeStrategy 60 or HSBC Global Strategy Balanced funds. If unsure then I suggest going for a lower risk one for now and then doing more research and reflection.

You can get both funds on AJ Bell but here are the fund manager websites for more info:

https://www.vanguardinvestor.co.uk/investing-explained/what-are-lifestrategy-funds

https://www.assetmanagement.hsbc.co.uk/en/intermediary/investment-expertise/multi-asset/hsbc-global-strategy-portfolios

Remember to keep enough cash in the account to pay the AJ Bell platform fees.

Alex

belfast_gal

Many thanks Alexland, I will look into both of those!
Yes I'm saving for retirement so 20+ years (unfortunately - unless that EuroMillions ticket comes in!).

Alexland

Alexland wrote: »

It's now Friday afternoon and HL haven't replied to my message from Monday morning so sent a new message to chase.

HL have finally replied to say they are thinking about the problem. This is so painful I can see why they have stopped accepting LISA transfers.

Alex.

epm-84

Can anyone confirm do you get the government bonus on the interest if you have a Cash LISA?

badger09

epm-84 wrote: »

Can anyone confirm do you get the government bonus on the interest if you have a Cash LISA?

If you meet the rest of the LISA's T&C, then yes. Why wouldn't you?

epm-84

badger09 wrote: »

If you meet the rest of the LISA's T&C, then yes. Why wouldn't you?

I've not yet received a bonus on my interest paid in to my Skipton LISA in early June which is why I'm asking. You can pay up to £4000 in to a Lifetime ISA per year (not including interest) but can't get more than £1000 in bonuses per year, which doesn't make it crystal clear.