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Use LISA to pay off DEBT?
Hi guys, I have a £5500 loan at (4.9%) and £6500 in a LISA (earning 1%). I believe that due to COVID the penalty for withdrawing a LISA has been lowered to 20% rather than 25%.
If I withdraw, does this mean I just lose the bonus and none of my own money?
If so, is it advisable to withdraw the LISA and pay the loan off?
Thanks in advance.
J
If I withdraw, does this mean I just lose the bonus and none of my own money?
If so, is it advisable to withdraw the LISA and pay the loan off?
Thanks in advance.
J
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Comments
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This is your 4th thread across various parts of MSE. Have you read the comments in your other threads?
You've said in another you have over £1k disposable income per month, so why not leave the LISA as is, put the disposable income into the debt and it will be clear in 5 months, your LISA and bonus will be in tact and the reason for that was also explained in another thread.Mortgage started 2020, aiming to clear 31/12/2029.0 -
Yes was not sure where to post.
Thanks for your advice.0 -
The advice will not change because it's posted on a different board. In fact it won't change if you posted it on an entirely different personal finance website.
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