Lifetime lisa (stocks n shares)corona fears

chrisd80

Got a stocks and shares LISA 2 years or so in. Was doing well till corona crash. It has now gone down cos of the market and I'm starting to panic, I wanted to buy a house.

Put so much into this and have been putting in 200 min a month. I. Not sure whether to max my allowance out for the year another 1400? Carry on putting 200 in?. Stop putting anything in or cut NY losses totally but lose the 25%? Or try to buy something?. 

Lower the risk currently at 7.

Is transferring to a normal LISA allowed?

chrisd80

Or ride the storm in the hope of a bounce back?

dunstonh

Lower the risk currently at 7.
Is that on a 10 scale?  If so, that is quite high risk for someone looking to buy a property with the funds.

It has now gone down cos of the market and I'm starting to panic,
The drop is a level that is to be expected every 5 years or so.    In over-simplified terms but a good guide, in a 5 year period, you would expect 3 good years, 1 nothing year and 1 negative year.   You never know the order.  So, you should have been expecting a drop to come and the fact it has should not cause panic.

Is transferring to a normal LISA allowed?
Normal?  a S&S LISA is normal as is a cash ISA.
It all comes down to when you plan to buy a property.  Investing is a medium to long term thing.  Regular contributions especially so.  If you are buying in less than 5 years then investing is a higher risk option.  If it a decade away, then investing can be suitable.

chrisd80

Scale is out of 10. I wasnt 100% sure when I would buy when I started it. I may lower it to 5 i was thinking about higher return.

Normal LISA I meant the non stocks and shares version what just pays interest.

womble_87

When are you planning to buy a house?

If it is years in the future I would not worry and carry on as you are.

chrisd80

Mot desperate to buy now 2 - 5 years time

womble_87

Keep calm and carry on