Help with savings - Goal to buy first property


Hi All,
Looking for advice on where to put my savings.
My long term goal is to buy my first property - at
around 3/4 years from now.
Looking to close HTB ISA and transfer it to a
Lifetime ISA how unsure which one.
Credit card is interest free until April 2021 and
will balance transfer it then.
CURRENT ASSETS
HELP TO BUY ISA £2,012
HL ISA £1,400
CASH SAVED IN BANK £315
TOTAL £3,727
LOAN TO FRIEND - LEFT TO PAY AS OF 28/05/2020 £1,750
TOTAL £5,477
LIABILITY
CREDIT CARD £4,513
TOTAL £4,513
TOTAL DEBT £0
NET WORTH JUNE 2020 £964
OTHER ASSETS
HL SIPP - PENSION £59
AVIVA WORK PENSION £1,950
TOTAL £1,947
Open to any questions.
Thanks in advance!
Comments
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Bringvaluetome said:
Credit card is interest free until April 2021 and will balance transfer it then.
0 -
eskbanker said:Bringvaluetome said:
Credit card is interest free until April 2021 and will balance transfer it then.
0 -
Bringvaluetome said:eskbanker said:Bringvaluetome said:
Credit card is interest free until April 2021 and will balance transfer it then.
Going back to your question about where to save, maximising what you get into a LISA makes sense, so try to ensure you fill its annual £4K allowance, by shifting your HTB money in there, and preferably anything currently invested in HL (risky to invest deposit money needed within a few years).
https://www.moneysavingexpert.com/savings/lifetime-isas/#bestbuys summarises best buy cash LISAs but rates are still coming down, e.g. https://forums.moneysavingexpert.com/discussion/6150916/moneybox-cash-lisa-interest-rate-drop-8th-of-june-2020
1 -
Esk - thanks for your replies. Don't currently have a plan when to repay the debt, was just going to continue paying the minimum. At present I can save £900-£1000 a month and that will be up until November / December this year. After that due to change in circumstances, unsure how much I'll be able to save after that.
So I can potentially put £3727 in to a Lifetime ISA in one chuck? (£2012 + £1400 + £315)
Possibly looking at Hargraves Lansdown LISA.
0 -
Bringvaluetome said:Esk - thanks for your replies. Don't currently have a plan when to repay the debt, was just going to continue paying the minimum. At present I can save £900-£1000 a month and that will be up until November / December this year. After that due to change in circumstances, unsure how much I'll be able to save after that.
So I can potentially put £3727 in to a Lifetime ISA in one chuck? (£2012 + £1400 + £315)
Possibly looking at Hargraves Lansdown LISA.1 -
I was getting confused about the differences between HTB & LISA.
I want one that I can use for a initial deposit for a house.0 -
Bringvaluetome said:I was getting confused about the differences between HTB & LISA.
I want one that I can use for a initial deposit for a house.1 -
-
So next step is to find a suitable cash LISA and come up with a plan for the debt?0
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Bringvaluetome said:So next step is to find a suitable cash LISA and come up with a plan for the debt?1
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