Lifetime ISAs guide

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  • masonic
    masonic Posts: 23,278 Forumite
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    Owen1991 wrote: »
    Just wondering if anyones had 18/19 bonus paid in yet, I know it's still early?
    Nothing yet from AJ Bell, and I deposited on the first day of the new tax year.
  • Alexland
    Alexland Posts: 9,653 Forumite
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    madfistbt wrote: »
    oh thank you great replies, so next year i can put 16k in my isa and 4k for a lisa? thanks :)


    Yes that would be fine.
  • playz28
    playz28 Posts: 7 Forumite
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    Just checked my Hargreaves account and my second bonus has been paid. Paid in the full £4k on the 6th April.
  • Billie1981
    Billie1981 Posts: 1 Newbie
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    Hi, myself and my husband are looking to buy our first home within the next 2 years, we have heard that we can both open up a lifetime ISA to be able to benefit from the government bonus. I was just interested to know who the best company is to go with with at the moment and also any Other tips you can give us. Thanks :)
  • eskbanker
    eskbanker Posts: 31,066 Forumite
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    Billie1981 wrote: »
    Hi, myself and my husband are looking to buy our first home within the next 2 years, we have heard that we can both open up a lifetime ISA to be able to benefit from the government bonus. I was just interested to know who the best company is to go with with at the moment and also any Other tips you can give us. Thanks :)
    Best place to start is the MSE article that this thread was created to discuss, i.e. https://www.moneysavingexpert.com/savings/lifetime-ISAs

    Realistically there is only one choice, Skipton Building Society, as they offer the only cash-based product on the market. There are a few with stocks & shares products but if you're looking to buy in the short to medium term then investment risk is best avoided....
  • sonicology
    sonicology Posts: 180 Forumite
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    playz28 wrote: »
    Just checked my Hargreaves account and my second bonus has been paid. Paid in the full £4k on the 6th April.
    I just had the second bonus paid to my AJ Bell account today, nice surprise since I wasn't expecting it for another week or so.
  • Pennypincher120
    Pennypincher120 Posts: 4 Newbie
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    Hello!

    Sorry if a similar question has already been asked, there are a lot of pages to this thread and I couldn't find an answer when I searched.

    My partner and I have found a house we want to make an offer on as FTBs... but our LISA hasn't been open a full year yet. The anniversary date is the end of October. I believe that means we wouldn't be able to exchange until October? We do however already have our deposit amount saved up, it is just a case of waiting for it to be able to be withdrawn.

    At what point do we inform the seller of the circumstances? They have no chain so there is a chance they may wait, but we are prepared that they may not want to. Do we tell them when we make the offer, or is it something we instruct the solicitor to do (in the event that the offer is accepted)?
  • stevenhp1987
    stevenhp1987 Posts: 907 Forumite
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    Pennypincher120 wrote: »
    Hello!

    Sorry if a similar question has already been asked, there are a lot of pages to this thread and I couldn't find an answer when I searched.

    My partner and I have found a house we want to make an offer on as FTBs... but our LISA hasn't been open a full year yet. The anniversary date is the end of October. I believe that means we wouldn't be able to exchange until October? We do however already have our deposit amount saved up, it is just a case of waiting for it to be able to be withdrawn.

    At what point do we inform the seller of the circumstances? They have no chain so there is a chance they may wait, but we are prepared that they may not want to. Do we tell them when we make the offer, or is it something we instruct the solicitor to do (in the event that the offer is accepted)?

    You instruct the solicitor to use your LISA to get the funds (after the 1 year opening time...). The money cannot be withdrawn until 1 year after opening.

    If they are not part of a chain, are they really willing to wait at least 5 months in limbo When they could have another buyer offer and exchange in the next month!?! I'd be informing them at the offer, that the offer is pursuant to a minimum November (until end of October + lead time on getting funds withdrawn) exchange date.

    You're basically asking them to wait almost half a year because you don't have any money right now. Why not start searching once you can withdraw the funds?
  • Alexland
    Alexland Posts: 9,653 Forumite
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    Personally I would have the frank discussion with the seller now rather than try and string them along for 6 months. It would be downside for you if you incur legal costs and then the seller loses patience with you and withdraws from the transaction after 3 months. Even without a chain it costs money to run an empty property.


    If you really want the property and cannot avoid needing to use the LISA money then consider paying the modest withdrawal penalty. But don't withdraw it yet as the sale may fall through for other reasons.



    Alex.
  • Owen1991
    Owen1991 Posts: 70 Forumite
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    Had my Skipton bonus paid for 18/19 yesterday, deposited £4000 on the 6th
    2021 - £11250 Saved || 2020 - £4750 Saved || 2019 - £4000 Saved || 2018 - £9000 Saved
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