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Managing HTB ISA & LISA
onetimeatponycamp
Posts: 121 Forumite
I currently have a HTB ISA where I put the £200 a month.
I am thinking about buying my first home, but looking at the properties that are available to me I'm unlikely to find one for under £250k. I'm also not sure whether I will buy within a year or not.
Can I:
- Open a LISA now with £1
- Just before the end of the tax year decide whether I am happy to wait until Feb 2021 to buy a property
- Put £4k into the LISA just before the end of the tax year
- Put £4k into the LISA in the next tax year
- Use the LISA to buy a home in after Feb 2021
But also:
- Continue paying in £200 a month to my HTB ISA for now in case I decide to buy before Feb 2021 and miraculously find a property for under £250k
Are there any potential issues with this? I've been doing research but not sure I've covered everything.
I am thinking about buying my first home, but looking at the properties that are available to me I'm unlikely to find one for under £250k. I'm also not sure whether I will buy within a year or not.
Can I:
- Open a LISA now with £1
- Just before the end of the tax year decide whether I am happy to wait until Feb 2021 to buy a property
- Put £4k into the LISA just before the end of the tax year
- Put £4k into the LISA in the next tax year
- Use the LISA to buy a home in after Feb 2021
But also:
- Continue paying in £200 a month to my HTB ISA for now in case I decide to buy before Feb 2021 and miraculously find a property for under £250k
Are there any potential issues with this? I've been doing research but not sure I've covered everything.
0
Comments
-
Yes you can do this.
Can have both accounts, but can only use bonus from one of them.
Mentioned in these links
https://www.gov.uk/lifetime-isa
https://www.moneysavingexpert.com/savings/lifetime-isas/#property-60 -
Great, thank you!0
-
No, if you open it with £1 and add £4000 towards the end of the tax year it may be fully rejected. You should add £3999. No joke we have seen this happen to others - a costly mistake!0
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