Help to buy ISA can it be combined with a lifetime ISA

Mazintim

Hi all, before they closed I threw some money into a help to buy, my partner however doesnt have one so is looking to open a lifetime ISA...

I know two people can have help to buys and join it together to get the maximum payment from the Goverment, but can you join a lifetime ISA with a Help to buy?

or is it just worth me moving my Help To buy to a Lifetime ISA with my partner?

Thanks all

george4064

You can read more about LISAs and HTB ISAs here: https://www.moneysavingexpert.com/savings/lifetime-isas/#property6

When do you intend to actually buy your first home? If it’s t least 12 months from now you would switch/transfer your HTB ISA savings into a LISA.

grumiofoundation

Yes one person can use HTB ISA and one person use Lifetime ISA.

The property must fulfil requirements of both schemes (£250k limit outside London - assuming lower HTB limit not an issue because if it is can't use HTB anyway.). 

However as above LISA has to be open for 12 months before it can be used for a house purchase. So depending on how much you have in HTB ISA is may be worth you opening and contributing to LISA with the aim of using this.

Will be able to contribute 2 x £4,000 by this time next year (as contribution per tax year not calender year) so if you will have less than this in HTB ISA might as well go for LISA.

Assuming no situation where might need to access money, as LISA, unlike HTB, has penalty for withdrawal that isn't for house purchase (or retirement). 

Mazintim

george4064 said:

You can read more about LISAs and HTB ISAs here: https://www.moneysavingexpert.com/savings/lifetime-isas/#property6

When do you intend to actually buy your first home? If it’s t least 12 months from now you would switch/transfer your HTB ISA savings into a LISA.

Thanks I shall take a lookise

At the rate of house prices it won't be for a good few years

Mazintim

grumiofoundation said:

Yes one person can use HTB ISA and one person use Lifetime ISA.

The property must fulfil requirements of both schemes (£250k limit outside London - assuming lower HTB limit not an issue because if it is can't use HTB anyway.). 

However as above LISA has to be open for 12 months before it can be used for a house purchase. So depending on how much you have in HTB ISA is may be worth you opening and contributing to LISA with the aim of using this.

Will be able to contribute 2 x £4,000 by this time next year (as contribution per tax year not calender year) so if you will have less than this in HTB ISA might as well go for LISA.

Assuming no situation where might need to access money, as LISA, unlike HTB, has penalty for withdrawal that isn't for house purchase (or retirement). 

Okay well the help to buy is limited to 250k whereas the lifetime is limited to 450k I believe so probably safer just moving to the lifetime one

I won't be purchasing for quite sometime so the account will be open longer than a year

thanks for this insight!