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Advice - Paying off credit card and saving for a deposit?
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IntotheAbyss wrote: »I had been looking at those, but need to do a bit more research. I don't have much in my Help to Buy ISA, only about £500 so far. Would a Lifetime ISA be better for that amount?
If you are definitely going to be using the money to buy a house (in 12+ months) and won’t need to access the money before then it is likely LISA will be better.
Have a read of the link to mse page but headlines are:
You can pay more into LiSA each year (4K versus 2.4k in HTB )
House can be up to 450k (250k for HTB unless London)
LISA can be contributed to in lump sum rather than monthly.
But drawback of LiSA is it is less flexible since you pay a penalty if you withdraw not for house/retirement.
(Also has to be open for 12+ months before can use but from what you say this not relevant).
https://www.moneysavingexpert.com/savings/lifetime-isas/#property-60
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