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Lifetime Cash ISA - Credit Search?
jimbo83
Posts: 186 Forumite
Hi
I am looking to open a lifetime cash ISA in the near future.
However, we are also intending to apply for a further advance on our mortgage shortly so I want to avoid any credit searches if possible.
Will opening a lifetime cash ISA account involve a credit search being carried out?
I am looking to open a lifetime cash ISA in the near future.
However, we are also intending to apply for a further advance on our mortgage shortly so I want to avoid any credit searches if possible.
Will opening a lifetime cash ISA account involve a credit search being carried out?
0
Comments
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A provider should not carry out a credit search for any account where you cannot get into debt. They will likely carry out an identity check with one or more credit reference agencies, but this is not a search.Given that you already have a mortgage, presumably this cash LISA is for retirement. It would be remiss not to mention the erosion of the value of cash due to inflation over long timescales, and the merits of investing retirement savings.1
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Will opening a lifetime cash ISA account involve a credit search being carried out?No. Lifetime ISAs are not regulated by the consumer credit act and there is no logical reason why a credit search would be carried out.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1
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