Lifetime ISAs guide

anewman

Initiated a transfer to Nottingham Building Society over 30 working days ago. Received confirmation the account was closed from the old provider. Balance still states £0. Contacted them to query this and had zero response.

TheTrotsky

anewman said:

Initiated a transfer to Nottingham Building Society over 30 working days ago. Received confirmation the account was closed from the old provider. Balance still states £0. Contacted them to query this and had zero response.

Thought it was just me and that I must be going mad! Absolutely appalling customer service and totally cavalier attitude to handling other people's money. All my son and daughter want is an acknowledgement that they've received the money but they've just completely blanked repeated requests and yet they have the time to send written acknowledgment of complaints my son and daughter have filed with the Financial Ombudsman! Next step, going to report them to Action Fraud, the FCA and the Sunday Times to investigate. Quite possibly the worst financial institution it's been my experience to work with. Used them before lockdown and they were fine but clearly there has been a major problem since lockdown and the FCA should now be stepping in to, at least, stop them taking any more further deposits until they have put their house in order.

Then again, I'm not sure we should any longer trust the FCA to act to protect investors. The way they've dealt with P2P lenders such as FinanceSecure and Lendy is nothing short of scandalous; they knew the P2P lenders had significant regulatory failings (even a cursory review of agreements and documentation should have flagged serious concerns about potential fraud, both by the executives and/or borrowers) but instead of acting immediately to protect investors, they gave the P2P lenders time "to put their houses in order". The fact that Andrew Bailey was rewarded for overseeing this fiasco by being promoted to Governor of the Bank of England just adds insult to injury; to be rewarded for such incompetence gives me serious concern for the future.

M_x71

Hi there, 
I'm unsure about the rule regarding only being able to pay into one LISA each year. I recently transferred my LISA from Nutmeg to Moneybox and would like to know if I will still be able to make contributions into the Moneybox account this year. This tax year I had already paid some into my LISA whilst it was with Nutmeg. Does this mean I can't pay into my moneybox one even through I've fully transferred? I haven't been able to find an explicit answer to this on the web. 
Much appreciated, 
Max

masonic

M_x71 said:

Hi there, 
I'm unsure about the rule regarding only being able to pay into one LISA each year. I recently transferred my LISA from Nutmeg to Moneybox and would like to know if I will still be able to make contributions into the Moneybox account this year. This tax year I had already paid some into my LISA whilst it was with Nutmeg. Does this mean I can't pay into my moneybox one even through I've fully transferred? I haven't been able to find an explicit answer to this on the web. 
Much appreciated, 
Max

Yes, when you transfer an ISA (including a LISA) it is still the same ISA/LISA, so you are not contributing to a second one when you top-up the one you transferred.

liveforever1984

Hi,

I'm looking to use a cash Lifetime ISA to save for a house. I'm a first time buyer and looking to purchase within 5 years hopefully. I'm hoping to have a joint mortgage with my partner but she has owned previously so can't have a LISA for this purpose.

My query is, can I use my LISA towards my first house, including the benefit, but use it towards a joint mortgage with my partner (using her savings from a normal, non-LISA, account) so that we can still join together our funds, and have both of our wages factored into the mortgage affordability?

I'm sorry if this has been answered elsewhere but I've searched and searched with no joy! Any help would be really appreciated, thank you!!

grumiofoundation

liveforever1984 said:

Hi,

I'm looking to use a cash Lifetime ISA to save for a house. I'm a first time buyer and looking to purchase within 5 years hopefully. I'm hoping to have a joint mortgage with my partner but she has owned previously so can't have a LISA for this purpose.

My query is, can I use my LISA towards my first house, including the benefit, but use it towards a joint mortgage with my partner (using her savings from a normal, non-LISA, account) so that we can still join together our funds, and have both of our wages factored into the mortgage affordability?

I'm sorry if this has been answered elsewhere but I've searched and searched with no joy! Any help would be really appreciated, thank you!!

Yes, you can use LISA with non-first time buyer (you won't be eligible for FTB stamp duty relief). 

https://lifetimeisa.campaign.gov.uk/#withdrawing_for_your_first_home

snowqueen555

I signed up to moneybox last month for 1%, will all accounts be uplifted to the new 1.1%?

nikkiek

Hi,
Looking to open a lifetime ISA with the Nottingham Building Society,
Can you use the money towards buying a house in Scotland?
And if using the lifetime ISA for retirment, does opening a lifetime ISA affect your workplace pension and your employer's contribution?
Thank you for any help in advance!

eskbanker

nikkiek said:

Hi,
Looking to open a lifetime ISA with the Nottingham Building Society,
Can you use the money towards buying a house in Scotland?
And if using the lifetime ISA for retirment, does opening a lifetime ISA affect your workplace pension and your employer's contribution?
Thank you for any help in advance!

Yes and no, respectively.

sully1311

Does the LISA bonus ever get paid on the weekend? I believe the 14th day for the bonus to arrive for the last period is Sunday but I'd doubt HMRC would send money at the weekend?