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Mortgage Deposit Transfer help
JosieMH
Posts: 1 Newbie
Hello!
My partner and I are soon to be in the process of applying for a mortgage. I have the Help To Buy ISA and my partner has a Lifetime ISA. With the Help2Buy I have a limit of £200 a month that I can save, and so I have a seperate savings account with a small amount in which will not receive the benefit of my 25% bonus. My partner has money remaining on his annual limit, so if I was to transfer the amount in my savings account into his Lifetime ISA (to receive the 25% bonus) would that be considered 'a gift' or is that okay as we are both to be joint applicants on the mortgage?
I hope that makes sense.
Thank you!
0
Comments
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Has your partner had the LISA for over 12 months ?
Off course you can transfer money into the LISA and get the 25% bonus
You can save another £4,000 from April.
Have you opened a LISA ISA ?0 -
Please be aware that the ISAs bonus don't get to be used for a mortgage deposit as you get the bonus after you pay a deposit. I thought I could use mine to top up my depsoit but I couldn't. The solictor had to apply for the bonus and I didn't get that until after I completed.
But it did come in handy to pay fees off.Mortgage free wannabe
Actual mortgage stating amount £75,150
Overpayment paused to pay off cc
Starting balance £66,565.45
Current balance £55,819
Cc debt free.0 -
that is the case for HTBISA, but not for LISASncjw said:Please be aware that the ISAs bonus don't get to be used for a mortgage deposit as you get the bonus after you pay a deposit. I thought I could use mine to top up my depsoit but I couldn't. The solictor had to apply for the bonus and I didn't get that until after I completed.
But it did come in handy to pay fees off.0 -
My LISA bonuses are added to my account either at the end of the month following the deposit (ie, January deposit bonuses are added at the end of February) or within 7 weeks of the deposit.Sncjw said:Please be aware that the ISAs bonus don't get to be used for a mortgage deposit as you get the bonus after you pay a deposit. I thought I could use mine to top up my depsoit but I couldn't. The solictor had to apply for the bonus and I didn't get that until after I completed.
But it did come in handy to pay fees off.
But my LISA is with Moneybox, and everything is done digitally, so maybe traditional banks do it differently?0
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