Lifetime ISA queries

onthefence12

Hi,

I have two queries about the lifetime isa:

1.) When you transfer your help to buy savings to lifetime isa, in the first year will you be getting:

((Help to buy savings * (1 + help to buy bonus)) + Lifetime Isa savings) * Lifetime Isa bonus

OR is it just

(Help to buy savings + Lifetime Isa savings)*(1 + Lifetime isa bonus)

where help to buy bonus and Lifetime isa bonus are 0.25

2.) Can the savings, bonus and interest in a lifetime isa be used for an offset mortage?

Thanks very much for your time and help

Ed-1

onthefence12 wrote: »

Hi,

I have two queries about the lifetime isa:

1.) When you transfer your help to buy savings to lifetime isa, in the first year will you be getting:

((Help to buy savings * (1 + help to buy bonus)) + Lifetime Isa savings) * Lifetime Isa bonus

OR is it just

(Help to buy savings + Lifetime Isa savings)*(1 + Lifetime isa bonus)

where help to buy bonus and Lifetime isa bonus are 0.25

You don't get the bonus on a Help to Buy ISA until you buy a house so transferring it into a Lifetime ISA is just an ordinary ISA transfer for which you will get the Lifetime ISA bonus on the transferred funds but not the Help to Buy ISA bonus. So it's the second one.

onthefence12 wrote: »

2.) Can the savings, bonus and interest in a lifetime isa be used for an offset mortgage?

They can be used as a deposit towards any residential mortgage.