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Help to Buy ISA to LISA or not?
Lancs1234
Posts: 61 Forumite
Hi,
I know this has probably been asked many times I'm just wanting to trying and work out what's best in my current situation.
Currently me and my partner have had an offer accepted on a house and are awaiting a mortgage. We're trying to maximise the money we have towards a deposit, giving us as much as possible (as everyone aims to do). Currently in ISA's and Savings we have...
My Help to Buy ISA: £1200 (below the threshold I know)
Partners Help to Buy ISA: £2000
Partners every day saver: £3000
(the rest is being paid via a gift from family whatever that may be so that's not an issue.)
Now would it make sense, and would we have time to transfer to a LISA each, and so she would put £4000 in and the rest would go into my name... This in theory would give us a bonus on all our savings instead of just her ISA? Is this doable? sensible? and anyone with any sort of experience what sort of timescale would this take?
(I know this is a savings forum so people may be less judgmental rather than the house buying one, but we only very recently started saving and didn't plan to move for a while, then the perfect house at a great price in the perfect area for us appeared... affordability and bills etc are not an issue.)
I know this has probably been asked many times I'm just wanting to trying and work out what's best in my current situation.
Currently me and my partner have had an offer accepted on a house and are awaiting a mortgage. We're trying to maximise the money we have towards a deposit, giving us as much as possible (as everyone aims to do). Currently in ISA's and Savings we have...
My Help to Buy ISA: £1200 (below the threshold I know)
Partners Help to Buy ISA: £2000
Partners every day saver: £3000
(the rest is being paid via a gift from family whatever that may be so that's not an issue.)
Now would it make sense, and would we have time to transfer to a LISA each, and so she would put £4000 in and the rest would go into my name... This in theory would give us a bonus on all our savings instead of just her ISA? Is this doable? sensible? and anyone with any sort of experience what sort of timescale would this take?
(I know this is a savings forum so people may be less judgmental rather than the house buying one, but we only very recently started saving and didn't plan to move for a while, then the perfect house at a great price in the perfect area for us appeared... affordability and bills etc are not an issue.)
0
Comments
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Forget about LISAs, you need to have them for a year before you can use them without being penalised for doing so, so if you're at the point of buying then they won't help you....2
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