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  • FIRST POST
    • MSE Helen Saxon
    • By MSE Helen Saxon 16th Mar 16, 4:06 PM
    • 75Posts
    • 44Thanks
    MSE Helen Saxon
    Lifetime ISAs guide
    • #1
    • 16th Mar 16, 4:06 PM
    Lifetime ISAs guide 16th Mar 16 at 4:06 PM
    Hi!

    This is the discussion thread for the



    Click reply below to discuss. If you haven't already, join the forum to reply.


    Thanks folks,
    Last edited by Former MSE Andrea; 14-05-2018 at 12:33 PM.
Page 102
    • cjd08
    • By cjd08 9th May 19, 11:12 AM
    • 2 Posts
    • 0 Thanks
    cjd08
    Apologies, I've only skim read the official instructions as I don't have time right now, but I can't see any reference to Indefinite Leave to Remain mentioned anywhere. The normal residence rules seem to apply to LISA in the same way as to other types of ISA
    Originally posted by badger09

    Many thanks for this, much appreciated indeed. I'll have a look at the rules you have linked to, I don't see there being any issues - she is resident in the UK and has been living here since February 2018.


    I called HMRC again and they could not find anything in their own guidance that said that you need Indefinite Leave to Remain to apply for a Lifetime ISA, only that you have to be a UK resident. I spoke to Skipton Building Society twice, and both times they confirmed that as long as she has been in the UK for a minimum of 6 months in the year then she would be eligible. Newcastle said that the requirement to have ILR is their own requirement.


    I just have one more question. Is there any problem if I open the ISA with Newcastle (the interest rate is slightly better), and my wife goes with Skipton? Or do we both have to open the ISA with the same bank or building society in order to both receive the government bonus?
    • Alexland
    • By Alexland 9th May 19, 6:14 PM
    • 5,087 Posts
    • 4,408 Thanks
    Alexland
    It's no problem if you and your partner have LISAs wth different providers as your solicitor would have to process separate withdrawal paperwork for each LISA anyway - it just means they will need to work with both providers.
    • snowqueen555
    • By snowqueen555 13th May 19, 10:35 PM
    • 865 Posts
    • 567 Thanks
    snowqueen555
    Still waiting for my bonus with Hargreaves Lansdown
    • SalarySlave
    • By SalarySlave 14th May 19, 8:06 AM
    • 76 Posts
    • 41 Thanks
    SalarySlave
    Still waiting for my bonus with Hargreaves Lansdown
    Originally posted by snowqueen555
    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.
    • pff
    • By pff 15th May 19, 9:36 AM
    • 1 Posts
    • 0 Thanks
    pff
    What happens if you're refused for mortgage?
    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!
    • sully1311
    • By sully1311 15th May 19, 12:11 PM
    • 166 Posts
    • 95 Thanks
    sully1311
    You wouldn’t request to withdraw funds until you have it approved? My understanding of it anyway.
    • snowqueen555
    • By snowqueen555 17th May 19, 9:28 PM
    • 865 Posts
    • 567 Thanks
    snowqueen555
    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.
    Originally posted by SalarySlave
    I remember last year I got it in the first month
    • P1Fanatic
    • By P1Fanatic 17th May 19, 9:55 PM
    • 14 Posts
    • 3 Thanks
    P1Fanatic
    Also waiting for bonus with H&L after paying in on April 6th. But they do say it can take 5-9 weeks.
    • Ed-1
    • By Ed-1 17th May 19, 10:08 PM
    • 2,587 Posts
    • 1,383 Thanks
    Ed-1
    Also waiting for bonus with H&L after paying in on April 6th. But they do say it can take 5-9 weeks.
    Originally posted by P1Fanatic
    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
    • By informer365 19th May 19, 5:50 PM
    • 7 Posts
    • 8 Thanks
    informer365
    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?
    • Alexland
    • By Alexland 21st May 19, 9:15 AM
    • 5,087 Posts
    • 4,408 Thanks
    Alexland
    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?
    Originally posted by informer365
    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
    • Alexland
    • By Alexland 24th May 19, 11:36 AM
    • 5,087 Posts
    • 4,408 Thanks
    Alexland
    Woo - HL just added the first LISA bonus in relation to contributions made this tax year.

    So with 3 years £15k +growth is anyone on HL or AJ Bell switching from funds to ETFs yet for the capped platform fee?

    My maths suggest its marginal after considering the trade fee and difference on OCF particularly with the HL discounts. I will probably switch next tax year.

    Alex
    • Zorillo
    • By Zorillo 24th May 19, 4:09 PM
    • 556 Posts
    • 367 Thanks
    Zorillo
    I haven't made this year's contribution yet but will do shortly, I'm not ready for the additional complication of switching to ETFs so will stick with my fund for at least another year.
    • TheTrotsky
    • By TheTrotsky 25th May 19, 10:45 AM
    • 2 Posts
    • 0 Thanks
    TheTrotsky
    Has anybody else got a LISA with Unity Mutual (the trading name of The Independent Order of Oddfellows Manchester Unity Friendly Society Limited)?


    It's a "hybrid" - a Stocks & Shares ISA masquerading as a Cash ISA - that's currently paying a guaranteed return of 1.5% per annum. It's covered by the FSCS (it says £50k in its literature but I think this may have increased to £85k since 1 April).



    I emailed MSE twice back in February to make them aware of this LISA and ask them why they don't list it amongst their Best Buys but am still awaiting a response!
    • Alistair31
    • By Alistair31 29th May 19, 9:09 PM
    • 114 Posts
    • 112 Thanks
    Alistair31
    I paid this years LISA contribution on 07/04/19, still haven’t received my “bonus” ?

    Any know when it’s likely ? Platform is ajbell youinvest
    • Ed-1
    • By Ed-1 29th May 19, 10:24 PM
    • 2,587 Posts
    • 1,383 Thanks
    Ed-1
    I paid this years LISA contribution on 07/04/19, still haven’t received my “bonus” ?

    Any know when it’s likely ? Platform is ajbell youinvest
    Originally posted by Alistair31
    The bonus for contributions between 6th April and 5th May is claimed towards the end of May and paid into your account in June.
    • masonic
    • By masonic 30th May 19, 6:17 AM
    • 11,732 Posts
    • 9,366 Thanks
    masonic
    Last year I got my Apr/May bonus from AJ Bell on the 29th May. So I'd keep an eye out for it, it could be paid any day now.
    • 20SmthngSver
    • By 20SmthngSver 30th May 19, 1:14 PM
    • 211 Posts
    • 71 Thanks
    20SmthngSver
    I made a Lifetime ISA deposit on 17th April, so within their 6th to 5th rule, and I haven't had my bonus yet. It's meant to be paid within 14 days of month two, which is this Sunday. I guess HMRC doesn't process payments on a weekend, which leaves today and tomorrow. If it hasn't gone in by Monday, then what should I do?

    Held with Skipton Building Society.
    .....
    2019 1st Quarter Home Deposit Savings saved: £35,000
    Pension saved: £9800
    …..
    • Alexland
    • By Alexland 30th May 19, 5:48 PM
    • 5,087 Posts
    • 4,408 Thanks
    Alexland
    I made a Lifetime ISA deposit on 17th April, so within their 6th to 5th rule, and I haven't had my bonus yet. It's meant to be paid within 14 days of month two, which is this Sunday. I guess HMRC doesn't process payments on a weekend, which leaves today and tomorrow. If it hasn't gone in by Monday, then what should I do?

    Held with Skipton Building Society.
    Originally posted by 20SmthngSver
    Is it very urgent for your situation? I guess you could send them a secure message or give them a call?

    Alex
    • masonic
    • By masonic 30th May 19, 5:57 PM
    • 11,732 Posts
    • 9,366 Thanks
    masonic
    I made a Lifetime ISA deposit on 17th April, so within their 6th to 5th rule, and I haven't had my bonus yet. It's meant to be paid within 14 days of month two, which is this Sunday. I guess HMRC doesn't process payments on a weekend, which leaves today and tomorrow. If it hasn't gone in by Monday, then what should I do?

    Held with Skipton Building Society.
    Originally posted by 20SmthngSver
    17th April falls within the 6th April-5th May "month", so month 2 would be June. You'll no doubt get it before 14th June.
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