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  • FIRST POST
    • mxtty
    • By mxtty 4th Jan 18, 9:55 PM
    • 5Posts
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    mxtty
    Buying a house in the near future
    • #1
    • 4th Jan 18, 9:55 PM
    Buying a house in the near future 4th Jan 18 at 9:55 PM
    Hi all,

    I plan on purchasing a new home within the next 14 months. I currently have a Help to Buy ISA but the home I will purchase may be over 250,000 which means I won't get the bonus but, I am unsure as it may be just below 250,000.

    Now I am looking at the Lifetime ISA and I was wondering, can I open the LISA with 1 and keep it and then if the value is above 250,000 move 4,000 to it and get the bonus straight away after owning it for a year? If it doesn't go above that value I can keep the Help to buy ISA and use that instead? Is this possible?

    I also am going to do some research on to try and maximise the interest on any savings I have currently and what I will save over the next 12 months. I currently have shares which I plan to sell soon to be safe, is this wise?

    Many thanks.
Page 1
    • Alexland
    • By Alexland 4th Jan 18, 10:15 PM
    • 2,236 Posts
    • 1,628 Thanks
    Alexland
    • #2
    • 4th Jan 18, 10:15 PM
    • #2
    • 4th Jan 18, 10:15 PM
    Frankly if you are buying in 14 months the interest rate difference will be negligible (compared to the risk of not getting a 25% bonus) so the best thing to do is probably open the Skipton LISA and initiate the transfer of your HTB ISA as quickly as possible (before 1st March deadline) then keep adding to the LISA as much as you can afford up to the relevant limits in each tax year.

    Stock market investing should be for the long term as shares are liable to fall significantly at any time with no notice and you don't want to have to sell them and recognise a loss. You need to have enough years ahead to ride our periods where markets are low.

    Alex
    Last edited by Alexland; 04-01-2018 at 10:20 PM.
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