Can I open a LISA when I already have a HTB ISA?

Lyd00

Hi all,
I've been paying into a HTB ISA for several years but I am beginning to think I'll never buy a house that qualifies (under £250k). Can I stop paying into it now and open a LISA and start paying into that instead? Meaning i'll have both a HTB and LISA open at the same time but only pay into my LISA.
Many thanks
Lydia 

where_are_we

Yes you can.

WillPS

I'm sure you know but just in case (and for anyone else who lands on this thread in future) - you can only use either a H2B bonus or a LISA on the first property purchase, not both.

Lyd00

Thanks. Yes either I'll end up using the HTB ISA next year if I ever find anything, or else not use it at all and use the LISA for retirement. 

If I don't end up using the HTB what can I do with the money in there? Can I transfer it to my LISA? There's about 9k in it 

Many thanks 

RosieRooBear

@Lyd00, both my daughters held HTB ISA and LISA at the same time. When they opened the LISA we arranged a transfer of £4000 from the HTB ISA as it’s the maximum you can pay in each tax year, and then transferred £4000 again in the new tax year. You could do the same, open a LISA and arrange to transfer £4000 now from the HTB and from April 6th 2024 arrange another £4000 transfer. Hope this helps 😊

Doctor_Who

This might be worth a read:

https://blog.moneysavingexpert.com/2021/03/martin-lewis--should-i-move-my-help-to-buy-isa-into-a-lifetime-i/