We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Lisa
Mjcampbell67
Posts: 1 Newbie
Had started a LISA with a view to withdrawing in April 2019 where I would have two years worth of savings - planned £4000 each year with £1000 bonus each year giving me £10000.
Circumstances changed meaning I could buy a flat sooner from a family member following a family death.
I understand the terms of LISA mean I don’t get the government bonus but as I’m still using this for a first time buy, should I still be charged the 25% withdrawal fee leaving me with £3750 rather than 4000?
Is there a way around this?
Many thanks
Michael
Circumstances changed meaning I could buy a flat sooner from a family member following a family death.
I understand the terms of LISA mean I don’t get the government bonus but as I’m still using this for a first time buy, should I still be charged the 25% withdrawal fee leaving me with £3750 rather than 4000?
Is there a way around this?
Many thanks
Michael
0
Comments
-
When did you open the account?
The account needs to be open for 1 year before it can be used.
If you opened it less than 1 year ago, then yes, you will be charged the 25% fee (after the bonus) meaning you lose money.
If you've deposited £4k you will have a £1k bonus (so £5k total). If you withdraw this before 1 year has passed, you will receive £3,750 as the £1,250 will be lost to the 25% charge regardless of the reason for the withdraw.0 -
You will lose money sorry, but if it's the right place it will be worth itAn answer isn't spam just because you don't like it......0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.4K Banking & Borrowing
- 254.1K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.5K Work, Benefits & Business
- 602.8K Mortgages, Homes & Bills
- 178K Life & Family
- 260.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards