Muliple Lisa

dbob.1

Ok I am having trouble finding the answers go a few questions about lisas and help to buy isa.

1. Can I open a LISA every year in a similar way to a normal ISA, and if yes will the government bonus be applied to each LISA provided I credit the account?

2. If the answer to the the above question is yes to both parts, can I merge multiple LISA balances for the purchase of my first property.

3. On the website it says for elidgiblity you must follow a traditional morgage route, does it matter how much this morgage is for?

4. Can I use the money saved for the deposit or like the help to buy does it have to be part of the cash payment?

5. can Help to buy and Lifetime ISAS be used in conjunction with each other?

6. Regarding Help to Buy ISAs are there any fees or charges if money saved is transfered or withdrawn not being used for purchase of the property?

Thanks in Advance!!

maximoose94

Answers to all the above can be found via Google.

I am intrigued though. Why would you want to open a LISA every calendar year?

dbob.1

I have looked for the answers on google and ive found not actual solid words saying the answers only hints towards it hence why i asked on here. Well if I can open a LISA every year and gain the full 25% bonus on each account each year the amount saved every year is going to increase 2 fold each year.

masonic

dbob.1 wrote: »

I have looked for the answers on google and ive found not actual solid words saying the answers only hints towards it hence why i asked on here. Well if I can open a LISA every year and gain the full 25% bonus on each account each year the amount saved every year is going to increase 2 fold each year.

You can only pay into one LISA per tax year, and so you are limited to £1000 bonus per tax year (assuming you pay in £4000). You do not "gain the full 25% bonus on each account each year", you gain the full 25% bonus on the money you deposit once only.

eskbanker

See answers below:

dbob.1 wrote: »

1. Can I open a LISA every year in a similar way to a normal ISA, Yes, but it would be an odd thing to do, with no obvious rationale

and if yes will the government bonus be applied to each LISA provided I credit the account? As per the previous post, you can only pay into one LISA in any given tax year, and the corresponding bonus(es) will, unsurprisingly, be added to that one

2. If the answer to the the above question is yes to both parts, can I merge multiple LISA balances for the purchase of my first property. Yes

3. On the website it says for elidgiblity you must follow a traditional morgage route, does it matter how much this morgage is for? No

4. Can I use the money saved for the deposit or like the help to buy does it have to be part of the cash payment? LISA withdrawals can be made at exchange of contracts

5. can Help to buy and Lifetime ISAS be used in conjunction with each other? No - you can hold and fund both, but can only benefit from the 25% bonus towards a first property from one or the other but not both

6. Regarding Help to Buy ISAs are there any fees or charges if money saved is transfered or withdrawn not being used for purchase of the property? No