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.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. 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!
Lifetime ISA questions
HC94
Posts: 2 Newbie
I'm thinking of opening a Lifetime ISA to save for buying my first home. I have a couple of questions I hoped someone could help with... Apologies as they might be a bit wordy to try and explain.
1. From what I can gather from researching LISAs is that the money I've saved for the deposit, added with the government bonus, goes straight to the estate agent/person I'm buying from. So my question is if I have for example £15,000 of my own money in the account (plus £3750 gov bonus) but I only want to pay £14,000 deposit plus a gov bonus of (3500) for the house, what happens to my remaining £1000? Does it have to go towards the house purchase or can it stay in the account and be used for pension savings?
2. My second question is if 100% of my LISA savings have to go towards the house (as queried in Q1), can I then keep the LISA to begin saving for a pension and rebuild the gov bonus or open another one later in life for pension savings? Or can you only have one with the gov bonus throughout your life?
Thanks
1. From what I can gather from researching LISAs is that the money I've saved for the deposit, added with the government bonus, goes straight to the estate agent/person I'm buying from. So my question is if I have for example £15,000 of my own money in the account (plus £3750 gov bonus) but I only want to pay £14,000 deposit plus a gov bonus of (3500) for the house, what happens to my remaining £1000? Does it have to go towards the house purchase or can it stay in the account and be used for pension savings?
2. My second question is if 100% of my LISA savings have to go towards the house (as queried in Q1), can I then keep the LISA to begin saving for a pension and rebuild the gov bonus or open another one later in life for pension savings? Or can you only have one with the gov bonus throughout your life?
Thanks
0
Comments
-
From what I understand, 1.) yes you can instruct your solicitor which amount to use for the house purchase. 2.) I think you are allowed to keep your account not sure about the second part of question 2.
My partner and I are in the process of using our LISA's to buy our first home, I'll report back when I know more.0 -
With regards to your second question, you can carry on saving in your LISA after you buy your first home.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards