Help on help to buy/Lisa - house deposit

Mick70

if daughter had a help to buy Isa that saved into for couple of years and then opened a LISA , can you use both when come to buy house or do you lose the govt bonus on one of them ?  
Can you transfer the balance of the help to buy isa (including bonuses) into a Lisa ? then carry on saving into that lisa and receiving bonus each year ?
OR if stop paying into the help to buy and then start paying into the LIsa , is that ok ?
The Lisa was not available when she opened the help to buy isa, but the Lisa allows higher savings and more bonus 

The intention is for a house deposit.

thank you for help

Mick

grumiofoundation

You can only use the government bonus on one of these accounts towards buying a house. 

The contribution limit is £4000 per tax year for the lifetime ISA (including transfers) so yes you can transfer to LISA from HTB ISA but it will count against this limit. 

If she is quick she can contribute £8000 to lifetime ISA in next few weeks - £4000 this tax year (ends 5th April) and another £4000 next tax year. 

But as above - be quick! Check the providers timeline for when the cut off will be for contributing to lifetime ISA that all count towards this tax year. 

Note - you are allowed to contribute to both HTB ISA and lifetime ISA in same taxyear (the are different types of ISA). 

L_T_88

When is she looking to buy? You need to have had a LISA open for at least 1 year before you can out towards a deposit (or lose the bonus).

TheLondoner

Hi I had a related question.

If I use help to buy a house, do I get the bonus if I have a lisa?. Also, can i still keep the bonus on the LISA for retirement? i.e. can I have the bonus both in the help to buy and the LISA if I only use one of them to buy the house, or when I buy a house using the help to buy will the government ask for the LISA bonus back?

dimbo61

I think you should have posted your own question !
However you can use the Help to buy towards your first time buyer deposit but speak to your solicitor about this.
You can then save towards your pension with a LISA but please make sure it's a stocks and shared LISA and not a cash LISA as this is a long term investment which you can't touch until your 60