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Lifetime ISA spare and bonus query
Nuggy96
Posts: 232 Forumite
I have a two part query about the Lifetime ISA.
First of all, my wife and I have around 28k in our LISAs for a 228.5k house which will be built in May (hopefully!). We have had a mortgage offer for a 15% deposit which is 34k, so we were thinking of just topping up the LISA with 6k from our savings. However, I am just thinking if the completion was to slip and we put another 8k in our Lifetime ISA, so would have 38k after bonuses. With 38k in the LISA and the deposit being only 34k, what are my options with the extra 4k from the LISA, would it either be to put in the deposit or take a 25% hit and withdraw 3k after charges?
Second part of my query is that the house is due to complete sometime in May, if for instance it was completed on 1st May, and we put 8k into LISA, we wouldn't receive our bonus in time, in which case we would have 28 +8k in there which is enough for the deposit. That would get withdrawn, then would the 2k bonus just be put into my lifetime ISA? Then could I just withdraw this bit out and take a £500 hit?
Any other advice is appreciated
Hope that makes sense, thanks in advance
First of all, my wife and I have around 28k in our LISAs for a 228.5k house which will be built in May (hopefully!). We have had a mortgage offer for a 15% deposit which is 34k, so we were thinking of just topping up the LISA with 6k from our savings. However, I am just thinking if the completion was to slip and we put another 8k in our Lifetime ISA, so would have 38k after bonuses. With 38k in the LISA and the deposit being only 34k, what are my options with the extra 4k from the LISA, would it either be to put in the deposit or take a 25% hit and withdraw 3k after charges?
Second part of my query is that the house is due to complete sometime in May, if for instance it was completed on 1st May, and we put 8k into LISA, we wouldn't receive our bonus in time, in which case we would have 28 +8k in there which is enough for the deposit. That would get withdrawn, then would the 2k bonus just be put into my lifetime ISA? Then could I just withdraw this bit out and take a £500 hit?
Any other advice is appreciated
Hope that makes sense, thanks in advance
0
Comments
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I'd quite like to know the answer to this one as well...
Most recent conversation with my solicitor suggests I'll be completing towards the end of April - after the start of the New Year, but not soon enough for bonuses to be paid.
If I paid another £4k of my deposit into my LISA, my solicitor will withdraw it as needed before completion - what will happen to the bonus if the cash is withdrawn before the bonus clears into the account?That sounds like a classic case of premature extrapolation.
House Bought July 2020 - 19 years 0 months remaining on term
Next Step: Bathroom renovation booked for January 2021
Goal: Keep the bigger picture in mind...0
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