Lifetime ISAs guide

Still waiting for my bonus with Hargreaves Lansdown

Hi all,


Just wondering what happens if you have a LISA but then when it comes to trying to make that first time house purchase you get turned down for a mortgage? If you took the money out under those circumstances would you then get the same penalties as if you just decided to withdraw the money for something else? I could understand losing the bonus, but the penalty seems a little harsh when you've done everything in good faith. It's a real concern for me as I'm self-employed on a low income so I don't know how great my chances are for a mortgage and want to understand this better before putting money into a LISA.

Thank you!

SalarySlave wrote: »

Yep me too. I Am looking to buy a house soon, so I find myself checking this account to see if the bonus has arrived. I am waiting over a month now, but I guess its because of the start of the tax year, most people made the large deposit.

I remember last year I got it in the first month

P1Fanatic wrote: »

Also waiting for bonus with H&L after paying in on April 6th. But they do say it can take 5-9 weeks.

The bonus period runs from 6th of a month to the 5th of the following month so the bonus won't even be claimed until after 5th May. Then it will be paid by the government in late May and credited soon after.

informer365 wrote: »

So i recently got a LISA from Foresters.

They sent me a leaflet saying they support members with things like grants for professional qualifications etc.

Has anyone used these services?

I wouldn't imagine many forum regulars use Foresters given their 1.5% fee which is over double the cost of a LISA from Hargreaves Lansdown or AJ Bell YouInvest invested in a good mixed asset fund. They even make easy Nutmeg look cheap. Still if you can find a way to claim these additional grants it might be worthwhile.

Alex