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Buying House w/ Girlfriend who has Help To Buy Isa (I have LISA)
MattyMattMatt
Posts: 1 Newbie
Hi all, just a quick question which I haven't been able to find the answer too.
Myself and my girlfriend are looking to purchase a house in the future. My girlfriend has a Help To Buy ISA, however I do not have one myself. I've been looking into LISA accounts and will more than likely open one of these accounts in the coming weeks. From my research I don't believe that we could buy a house using her Help to Buy ISA and my LISA, its one or the other? So the question is: whats the best way to purchase a house, with both our names on the deeds, without losing money/bonus on the separate ISA's?
Thanks!
Myself and my girlfriend are looking to purchase a house in the future. My girlfriend has a Help To Buy ISA, however I do not have one myself. I've been looking into LISA accounts and will more than likely open one of these accounts in the coming weeks. From my research I don't believe that we could buy a house using her Help to Buy ISA and my LISA, its one or the other? So the question is: whats the best way to purchase a house, with both our names on the deeds, without losing money/bonus on the separate ISA's?
Thanks!
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Comments
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Can she transfer her HTB ISA to a LISA?I am an Independent Financial Adviser (IFA). Any posts on here are for information and discussion purposes only and should not be seen as financial advice.0
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open a LISA ASAP - must be open for 1 year before you can use it to buy your first home.
you should be able to use the HTB and LISA for house buying at the same time. But your partner would not be able to use the gov Bonus from her HTB ISA + HER !! LISA ISA, but you`ll be able to use her HTB ISA + Bonus HTB + YOUR LISA + Lisa Bonus.1 -
As the poster above said above both open LISASs ASAP with £1 since they have to be open for 12 months before can use.
If house is priced less than £250000 you can use both her HTB bonus and your LISA bonus.
Biggest drawback of LISA is the money cannot be withdrawn penalty free unless for house or pension.
Depending on how much your girlfriend has in help to buy it may be worth her opening LISA as well since this increases house price upper limit to £450000 and allows more to be contributed each year. If she has less than 6000 in it and you aren't planning to buy for a year then LISA will allow a greater bonus.
If you both open LISASs ASAP with £1, then next march you would be both able to pay in 4000, then another 4000 in April (new tax year). That would be total bonus of £4000.
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As has been said - a key factor will be house prices where you live.
A help to buy isa in Surrey is hopeless - as you may find it hard to find a place below £250k to qualify for the bonus. In country Durham its a totally different matter.
LIfetime isa is better if you are in it for the long haul - but if you wish to buy in the next few months a help buy isa would be better as you can at least qualify for a bonus more quickly.0
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