Skipton LISA & Bonus Timings.

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Hi,
I am expecting to get a DIP in the next couple of days and (if ok) I will be putting in an offer on a house after that.

I opened a Skipton Lisa on the 2nd October 2017, (So I can use it toward a house purchase in about 1mths time)

I am presuming it will take at least this long to sort the rest of the sale out?
At the moment I have £5k in the LISA (£4000 paid in in March plus the £1k Bonus).

If, by any chance I need the deposit within the next 4 weeks I could just about raise it without using the £5k in the Lisa. (worse case, I may need to withdraw from the lisa and lose the 25%)

I am expecting the sale to take longer than this though although not really any idea of the actual timescale!

If I pay another £4000 in before the 5th (ie. tomorrow) then by my reckoning should get paid the extra £1k bonus around the 2nd october as well.

Main downside to this is if I need the deposit any sooner I would definatly have to withdraw from the lisa early and could end up loosing £500 if this is the case.

First question: If I need the deposit money before the 2nd October do I just instruct the convancing solicitor to withdraw £7500 from my lisa? Will this work ok as the £1k bonus won't have been paid by the time funds are withdrawn.

2nd Q: If I pay £4k in now, then withdraw the lot in a couple of weeks, will I still get the 2nd bonus paid in a couple of weeks? If so, I presume I could leave that in place for my pension?

3rd Q: If I don't need the deposit until after the 2nd Oct, If I use the full £10k would I still be able to keep the Lisa open? I have not seen any intrest payments get added to the account yet. I presume the first intrest payment will be around the 2nd Oct so there should be around £25 or so going in which I presume would be enough to keep the lisa active and alow me to start making payments for pension savings going forward?

Finally, Are my timescales above correct?

Thanks!!

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  • aj23_2
    aj23_2 Posts: 1,155 Forumite
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    Skipton adds the bonus up to six weeks after any payments made between 6th of a month to the 5th of the next month, so up to six weeks after the 5th. I made a deposit on 28th July, and my bonus was added on 30th August. If the bonus hasn't been added when you wish to withdraw, it will be added at some point after, provided you haven't closed the account (say left £1 in it). You'll still get the bonus provided the account is left open, you just might not be able to use it for the deposit/mortgage.
  • marmitemum
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    What’s the chain situation on the house that you’re wanting to buy? And approx how old is the house?
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