Help2Buy ISA vs LISA

Guavaroll

I have a Help2Buy ISA but as I am now able to buy a house for over the £250k maximum I want to know if it is possible to transfer my H2B ISA to a LISA to still benefit from the Government help.  Also, if I can transfer, will the time I have had the H2B ISA be taken into consideration so I won't have to wait a year from the start of the LISA. Thx

masonic

You will have to wait a year from the start of the LISA, and the maximum you can transfer in per tax year is £4k, so it could take you considerably longer than a year to move all of the funds across.

WillPS

masonic said:

You will have to wait a year from the start of the LISA, and the maximum you can transfer in per tax year is £4k, so it could take you considerably longer than a year to move all of the funds across.

Max Help to Buy ISA bonus is £3k, which is £12k saved.

OP - If you get a move on, open your LISA quickly, you can put £4k in this tax year (i.e. before April 5th), then £4k at any point next tax year, then finally £4k as soon as the following tax year begins (April 2024) - you'll have moved all £12k and waited the necessary full calendar year, so by May/June 2024 you should have £15k ready to use for a first home purchase (max £450k).