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New LISA subscription, then completing asap
olbas_oil
Posts: 338 Forumite
Has anyone tried to get another £4k subscription in the new tax year, and then used those funds for completion within a week or two?
a) Could you withdraw the new £4k, almost immediately (having given notice even before the new subscription)- Say aiming to complete on 10 April?
b) Presumably the 25% bonus, £1000, takes a little longer. I have asked the Building Society who wouldn't commit to when it would be available.
Anyone with actual experience on turnaround times?
a) Could you withdraw the new £4k, almost immediately (having given notice even before the new subscription)- Say aiming to complete on 10 April?
b) Presumably the 25% bonus, £1000, takes a little longer. I have asked the Building Society who wouldn't commit to when it would be available.
Anyone with actual experience on turnaround times?
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Comments
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We've done something similar last year - they normally quote needing a few weeks notice, but a phone call got the deposit paid out to the solicitor within days. You can't expect them to actually commit, but they said they'd do their best (this was Skipton, but I imagine other providers are similar). The bonus had arrived 5-6 weeks after all that and we just transferred the £1000 to a current account, with the penalty, netting £750.1
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The bonus takes a while - for example Skipton pays the bonus as following:
"Your bonus is calculated on any payments you make into your account from the 6th of the month to the 5th of the following month. Your bonus will be paid into your account within 14 days of the 20th of month two."
So you potentially won't see the bonus money for a couple of months.
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