We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Need some clarity on LISA
MrMorgan
Posts: 42 Forumite
Hi All,
have a LISA with Moneybox that im saving for a house with, account is good easy to use and making progress with it.
When its time to use this i assume i would instruct my solicitor / conveyancer etc (im sure its fairly standard like that)
Does this / will this close the account - or could i use the money + bonus (to buy house) and then continue to also use the account later on (with more saving) for retirement - i.e is it a one time use thing? house deposit or retirement or can it be a dual use account?
thanks
have a LISA with Moneybox that im saving for a house with, account is good easy to use and making progress with it.
When its time to use this i assume i would instruct my solicitor / conveyancer etc (im sure its fairly standard like that)
Does this / will this close the account - or could i use the money + bonus (to buy house) and then continue to also use the account later on (with more saving) for retirement - i.e is it a one time use thing? house deposit or retirement or can it be a dual use account?
thanks
0
Comments
-
The solicitor would make the penalty free withdrawal and if you tell them to take a specific amount then it should remain open for further contributions however if you tell them to withdraw all the money then the provider might close the account.
However if contributing for 60+ then you would want to transfer from a Cash LISA to a S&S LISA to invest the money for a likely above inflation return. Alternatively if still under 40 just open a new S&S LISA in the next tax year.1 -
My LISA was closed after I used the whole balance to buy a house, but I have since opened one to use for retirement savings. I didn't get an option to keep it open after my conveyancer was instructed to use all of the funds from it, but a new LISA is easily opened.0
-
Thats interesting i thought it was a bit of a "one time open" i.e you cant use, close and then reopen - interestingjosephibbs93 said:My LISA was closed after I used the whole balance to buy a house, but I have since opened one to use for retirement savings. I didn't get an option to keep it open after my conveyancer was instructed to use all of the funds from it, but a new LISA is easily opened.
I guess the solid rule is you cant have 2 LISA's, but you can use it for both purpose0 -
You can have two or more LISAs but only contribute new money into one each tax year.MrMorgan said:Thats interesting i thought it was a bit of a "one time open" i.e you cant use, close and then reopen - interesting
I guess the solid rule is you cant have 2 LISA's, but you can use it for both purpose
1
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards