Lifetime ISA /Help to Buy for first time buyer

Sbranch

I have a small amount in my help to buy. I am hoping to buy a house next year, if i transfer my help to buy and top up to £4000 into a lifetime isa now would i get bonus this tax year and next tax year if i bought a house after next april? 

I was thinking we use two lifetime isas for me and my partner so we can get double to bonus each tax year towards a house. 

eskbanker

The short answer is yes, but worth understanding that you can use a LISA towards a first-time property purchase a year after opening it, i.e. you could buy next February if you wanted.  Bonus payments are made within 4-8 weeks of contributions - see similar question at:

https://forums.moneysavingexpert.com/discussion/6332126/lifetime-isa-tax-year-vs-calendar-year

Sbranch

Thank you! So if I put £4000 into a lifetime ISA now, will the limit reset in April (at the end of tax year)? 

Just want to make sure that we are choosing the best option to save for a house next year. 

eskbanker

Yes, you can pay in up to £4K per tax year, so you can put in £4K by 5 April and then another £4K on or after 6 April.