LISA bonus timing

asc1991

Hi all,

I am buying a house with completion looking to be sometime in April or May. There is a chance this could allow me to use my 18/19 LISA allowance and save some money, but I can't find the information I need regarding the bonus.

As I will soon have held my LISA for 1yr, my bonuses will be paid monthly. However, what happens if I pay in, but use my LISA before that monthly bonus is added to my account?

I.e. let's say my bonuses are paid on the 30th of every month. I pay in £1000 on June 2nd. Then, on June 8th, I use all of my LISA for a deposit on a house. Do I get my £250 bonus on the £1000? If so, how?

Thanks!

eskbanker

LISA bonus timings are discussed in https://forums.moneysavingexpert.com/discussion/5631406 which (with a link to the detail) explains how bonus claim periods work. The first such period in 2018/19 ends on 5 May and the bonus would be paid 14-28 days after that, so late May or early June.

However, given the time it takes to purchase a property from start to finish, in the real world you wouldn't pay in £1000 six days before you needed to withdraw the money, especially when you don't have the option of accelerating the bonus payment! Your conveyancer will be able to explain what money will be needed and when....