We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Moneybox Lisa withdrawal query
ftbLondon90
Posts: 6 Forumite
Hi there,
I am in the process of buying my first home. I have around £15500 saved in my LISA. However I only need £10500 for the deposit for my first home. Can i withdraw the rest of the money from my LISA to be transferred into my personal bank account once my deposit money has been withdrawn?
Many thanks!
I am in the process of buying my first home. I have around £15500 saved in my LISA. However I only need £10500 for the deposit for my first home. Can i withdraw the rest of the money from my LISA to be transferred into my personal bank account once my deposit money has been withdrawn?
Many thanks!
0
Comments
-
You can, but that second withdrawal would be subject to the 25% penalty (at time of writing, may be changed in the Autumn statement tomorrow).
1 -
Given the penalty referred to above, could you not just take out a £5K smaller mortgage and put all the LISA money towards the purchase, or are you going to need access to the reduced £3750 lump sum?ftbLondon90 said:I am in the process of buying my first home. I have around £15500 saved in my LISA. However I only need £10500 for the deposit for my first home. Can i withdraw the rest of the money from my LISA to be transferred into my personal bank account once my deposit money has been withdrawn?2 -
I need access to the rest for furniture, fees etc. Considering 3000 is from bonuses and 500 through interest ,i have made a good bit from putting into the LISA over the past few years
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.7K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.8K Work, Benefits & Business
- 603.3K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards