Help to Buy Transfer to LISA

NJ1221

If I transfered my savings from a "Help to Buy" Isa into a "Lifetime" Isa in say 2 years time (april 2019) or beyond would I lose any bonus I potentially achieved over the past 2 years in my "Help To Buy" Isa?

I live in Scotland and as property rules are different than the rest of the UK can you tell me if I am able to use any potential bonus from my "Help to Buy"Isa towards the deposit when purchasing my first home? as I heard there was an issue regarding something called an exchange deposit and a mortgage deposit however this may not apply in Scotland? Please advise as soon as possible.

masonic

The time window for making a transfer of previous year money in a HTB ISA into a LISA without it counting towards the £4,000 limit ends on 5th April 2018. If you transfer after that, it would be as if you just had a standard cash ISA that you were transferring in.

eskbanker

NJ1221 wrote: »

I live in Scotland and as property rules are different than the rest of the UK can you tell me if I am able to use any potential bonus from my "Help to Buy"Isa towards the deposit when purchasing my first home? as I heard there was an issue regarding something called an exchange deposit and a mortgage deposit however this may not apply in Scotland? Please advise as soon as possible.

Worth reading up on both of:

http://www.moneysavingexpert.com/savings/help-to-buy-ISA#exchange
http://www.moneysavingexpert.com/mortgages/buying-a-home-timeline#scotland

but essentially there isn't the interim 'exchange' part of the process in Scotland and so money only changes hands at completion, which is when the HTB bonus can be used. Having said that, the term 'deposit' is sometimes also used for the advance reservation fee on a new-build property, but the HTB bonus can't be used for this....