Lifetime ISAs guide

badger09

lauraphils wrote: »

I have been trying to find out the answer to this question everywhere...can anyone help?!

I have a LISA so am able to use the money in there to buy a house up to £450,000.
My partner (who I would be buying a house with) has a H2B ISA so can only buy a house up to £250,000.
We are both first time buyers so if we use both combine our ISA's to buy a house together, up to what value can we go to?

Anyone else in this situation know the answer?!

Your partner is limited to a property up to £250k, so effectively, that is also your limit.

Does your partner qualify for a LISA?
When do you expect/hope to buy?

If partner qualifies for LISA & you don't expect to buy for at least 12 months, they should open LISA asap

lauraphils

Thank you for your response badger09!

We are looking to buy this year so we have ruled out him opening a LISA. He also has more than the 4k limit so the H2B ISA was best for him. unfortunately we live in an area where houses under 250k are rare so we may have to explore the option of not using is H2B if this is indeed our combined limit!

Alexland

Remember if in London the HTB ISA limit is £450k.

Jpmillward

Hi,

I haven't been able to find an answer to the following query, apologies if I've missed it:

I have had my LISA open for over 2 years now, with the full contribution and bonuses received. I wish to deposit another £4k today in order to receive another £1k bonus. I am planning on buying a house in the next few months. Will the timing of this purchase (within 1 year of today's deposit) affect whether or not I will be able to use this years £1k bonus?

ie. Will I be able to use the £5k along with the rest of my LISA balance in a few months without any penalties?

Thank you,
James

eskbanker

Jpmillward wrote: »

I have had my LISA open for over 2 years now, with the full contribution and bonuses received. I wish to deposit another £4k today in order to receive another £1k bonus. I am planning on buying a house in the next few months. Will the timing of this purchase (within 1 year of today's deposit) affect whether or not I will be able to use this years £1k bonus?

ie. Will I be able to use the £5k along with the rest of my LISA balance in a few months without any penalties?

Yes, once the initial one-off 12-month qualifying period has expired, the full balance, including all bonuses paid up to that point, can be used at any time for a first-time property purchase.

Jpmillward

Awesome, thank you for confirming this for me eskbanker. Much appreciated! Have a good day.

Flobberchops

Hello, please indulge a thicko.


I opened a Newcastle cash LISA toward the end of last tax year and paid in £4000. I was under the impression the £1000 gov bonus would be paid at the end of the tax year, but this hasn't yet appeared? Is this not how things work? The site makes reference to the bonus being paid monthly but I believed it was awarded on a per-year basis so depositing toward the end of the year was the best strategy?



I've browsed the site's FAQs to no result and am awaiting an email back from one of their reps, but thought I'd ask here too.

masonic

Flobberchops wrote: »

I opened a Newcastle cash LISA toward the end of last tax year and paid in £4000. I was under the impression the £1000 gov bonus would be paid at the end of the tax year, but this hasn't yet appeared? Is this not how things work? The site makes reference to the bonus being paid monthly but I believed it was awarded on a per-year basis so depositing toward the end of the year was the best strategy?

Claims are made monthly, if you paid in between 6th March and 5th April, then you can expect the bonus towards the end of April or early May.

Depositing towards the end of the tax year is the best strategy to combat the low interest rate.

Flobberchops

masonic wrote: »

Claims are made monthly, if you paid in between 6th March and 5th April, then you can expect the bonus towards the end of April or early May.

Depositing towards the end of the tax year is the best strategy to combat the low interest rate.

Fantastic. Many thanks.

StevenGude

I made my first LISA deposit on 19/03 and monthly saving on 10/04
When should I expect to receive my government bonus on HL?