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Move H2BISA to LISA?

I have 10k in an H2BISA though am thinking of moving it to a Lisa. 

I intend to buy a house with my partner that would probably exceed the ‘outside of London’ 250,000 limit that doesn’t exist with the Lisa. The Lisa limit is therefore better for us. 

We probably won’t be buying within a year to two years, so I would have time to transfer all the 10k within that time, starting the transfer before April 25’ for the first 4k, then after April 25’ for the second, and then after April 26’ for the remainder.

It seems straightforward to me, but is there something I am missing?

Thoughts? 

Comments

  • eskbanker
    eskbanker Posts: 37,445 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Sounds like an accurate understanding of the situation - the downside of the LISA is that if you don't buy a property within the value cap and still want access to your money before you're 60, there's a 25% withdrawal penalty.
  • PRAISETHESUN
    PRAISETHESUN Posts: 4,902 Forumite
    Seventh Anniversary 1,000 Posts Photogenic Name Dropper
    No issues that I can foresee, just make sure you definitely want to purchase a property and that the price will be within the limits, otherwise you risk the withdrawal penalty
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