Hello,
I am looking to buy my first home in the (relatively) near future - but I'm not entirely sure whether this will be in the next year, hence a little confusion as to whether to open a Lifetime ISA or stick with my current Help to Buy ISA.
The best solution seems to open a cash LISA with just £1 when it becomes available in April but to continue saving on a monthly basis in the HTB. If I buy within the next year, I can use the HTB bonus, if not I can transfer the money across to the LISA upon the end of the year. Question is - if I transfer the lump sum over at the end of the year, is it still eligible for the full bonus?
I.e. If I open the LISA with £1 on April 6 2017 (or whenever it is offered by the banks) and transfer the HTB balance (approx £6,500) on April 5 2018, do I earn the full 25% bonus on £6,501?
On top of this, if I am able to save more than the monthly £200 limit on HTB contributions, is a LISA the best place to put this? So I'd be saving in both HTB and LISA simultaneously. Again with the view to transfer HTB over at the end of the year if I haven't bought.
Thanks very much for your help!