Lisa - Lifetime ISA help for new home

daysaunders87

Hello, 
Hope you can help me. 
I have a LISA and want to max it out this tax year. If I take this out for my new home on a help to buy will I still get the government bonus before the end of the tax year or will I be penalised? 

masonic

You will receive the Government bonus on any money you contribute, 1-2 months after you make the contribution. If you make a penalty free withdrawal for a house purchase before receiving the bonus then providing you keep the account open it will still be paid in due course and could be used for retirement or withdrawn subject to the (know reduced) penalty.

JMDLondon

Hi,

Not sure this is the right place to post

I am researching LISA and Help to buy ISA for the first time, however i am not sure i qualify. A few years ago my Nan passed away and left her house to my sister, mum and I. My mum (who is 65) lives in the property but i don't. I also don't get any money from it or pay towards it. I think this means i wouldn't be able to qualify for a Lifetime ISA or Help to Buy ISA, but am looking for some clarification. If My mum were to move house and sell the property, would i quality then, or would this still could as my owning a property because my name is on the deeds?

Thanks in advance

Best wishes
Jolene

eskbanker

If your name is on the deeds of a property then you are no longer a first time buyer for LISA purposes; the same rules apply to the ceased HTB ISA scheme too.

Selling the house would make no difference to the fact that you have had a stake in it - once first-time buyer status is lost it can't be recreated, so you won't ever qualify for these schemes now (in the context of buying a first property anyway; you can still use a LISA for retirement saving if you're under 40).