Help to buy ISA & LISA

buritto

Hi, I currently have a virgin help to buy ISA with just over £10,000 in it that I’m planning to max out for the government bonus (£3000 im sure?) and I have a couple questions. I’m not planning to buy for at least another year or two. 

1.Once I reach the £12,000 is it worth continuing to put money into this account and just top up my savings (without the bonus included), or should I stop at £12000 and start putting into a different (maybe better interest) account? 

2. I’m 39 years old, can I have a help to buy ISA and LISA at the same time? Can I put £4000 into a LISA this year and qualify for the 25% bonus? I’ve read in places that you can’t have both at the same time.
I appreciate any help and advice. Thanks 

[Deleted User]

Hi,

You're also allowed to hold a Help to Buy ISA and a LISA at the same time, though you can't get the first-time buyers' bonus on both (see Help to Buy ISA vs LISA info below). But you could get the Help to Buy ISA bonus for a home and then use the LISA and its bonuses for retirement.

Look HERE (4).

buritto

Hi, thanks for the reply. 

Ok, that sounds good, I was thinking of finding somewhere to use for a pension, so it could work out nicely. 

Am I right in saying I can open the LISA as I’m 39 and I can’t put in however amount per year and still recieve the 25% bonus, but only until I’m 50? 

eskbanker

buritto said:

Am I right in saying I can open the LISA as I’m 39 and I can’t put in however amount per year and still recieve the 25% bonus, but only until I’m 50? 

Bolded wording doesn't make sense to me as written, was there some auto correct going on there that distorted what you meant to write?  The other bits are correct, i.e. that you can open a LISA at 39 and fund it until 50, with a 25% bonus added to each contribution....

buritto

Hi, sorry, there was some autocorrect there, I was in a bit of a rush at work.
Ok, brilliant. I might just do that then, fill up a LISA from now until retirement and take the 25% until 50, and use the help to buy until I’m ready to use that on my first house. Thanks for your help