A couple of LISA questions before I switch

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
2 replies 1.5K views
davebrayley77davebrayley77 Forumite
2 Posts
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
I'm 40 in 2 months so the clock is ticking and I need to make the decision whether to transfer my help to buy savings into a LISA, have done all the research I can but still find myself with a couple of unanswered questions. Thanks in advance for any help with the below:

1) The maximum bonus with a help to buy is £3000, I seem to remember reading somewhere that if a LISA is used to buy a fist property then the maximum bonus you can receive from the LISA is also £3000, despite the fact that if used as a retirement plan the bonus is much more, is this accurate or is my memory letting me down?

2) You cannot rent your home out if using a LISA to buy it (unless circumstances change...) but my plan is to rent a room out and have a lodger. Is this allowed?

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