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
We're aware that some users are currently experiencing slow loading times and errors on the Forum. Our tech team is working to resolve the issue. Thanks for your patience.
Lifetime ISA vs property investing
Jae14
Posts: 11 Forumite
Hi,
The interest paid overtime on mortgages makes me feel sick. I have £10000 already in my LISA but I am planning on going self-employed from Jan so I need to make a decision r.e. housing now (i.e. get a mortgage or move in with the rents for a few years). In the longer term (e.g. around 5 years), am I financially better at continuing with LISA savings (£4000/yr with the £1000 bonus plus interest) or would I be better off investing in property now with inflation and getting my own place? If not investing in property, I would be trying to work up to £20000 savings in the highest available normal savings account over several years so that I could use the £1000 tax free interest to feed back into the LISA so I'd eventually only have to contribute £3000 per year to max the benefits from the LISA - all depending on the interest rate fluctuation ofcourse. I am not sure if this is a good approach, or a stupid approach in the long term?
The interest paid overtime on mortgages makes me feel sick. I have £10000 already in my LISA but I am planning on going self-employed from Jan so I need to make a decision r.e. housing now (i.e. get a mortgage or move in with the rents for a few years). In the longer term (e.g. around 5 years), am I financially better at continuing with LISA savings (£4000/yr with the £1000 bonus plus interest) or would I be better off investing in property now with inflation and getting my own place? If not investing in property, I would be trying to work up to £20000 savings in the highest available normal savings account over several years so that I could use the £1000 tax free interest to feed back into the LISA so I'd eventually only have to contribute £3000 per year to max the benefits from the LISA - all depending on the interest rate fluctuation ofcourse. I am not sure if this is a good approach, or a stupid approach in the long term?
0
Comments
-
Duplicate thread here: https://forums.moneysavingexpert.com/discussion/6501421/property-investing-vs-lifetime-isa1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604.1K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards