The Money Thread...

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That's not a growth
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PostRe: The Money Thread...
by That's not a growth » Fri Mar 17, 2017 3:32 pm

I remember reading in the past the LISA is good if you know for certain you're going to buy a house, but H2BISA is better if you might not. I'll need to read into it a lot more to figure out if I'm going to transfer my H2BISA.
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Curls
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PostRe: The Money Thread...
by Curls » Fri Mar 17, 2017 3:44 pm

It all depends how much money you're willing to put in....

If you're happy just putting in £200 a month then, HTB isa is better as they won't take any money back off you if you don't buy.

However if you are almost definitely saving that money for a mortgage, then LISA is better, as you can transfer your Help to Buy Isa over (I've saved £4400 in that now after opening it from day one (Dec 2015) when including the initial £1000 deposit.) and then add an extra £4000 for the 2017-2018 financial year.... Where as if you stuck with help to buy you can only add £200 a month. (2400 a year)

That means by April 2018...I'll have £8600 in my Lifetime Isa compared to £6000 that I would save from sticking with HTB ISA. Obviously you need to aquire these funds to input, so if you don't have the income to save back £4000 in one year, there probably isn't too much point in saving....except for the fact that with the LISA you can put your deposit down on a more expensive house.
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That's not a growth
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PostRe: The Money Thread...
by That's not a growth » Fri Mar 17, 2017 4:37 pm

That's true, but putting money in a H2BISA doesn't stop you putting money else where if you can save more than 200 a month. I need to compare scenarios about if i were to buy in, say, 12 months, 24 months, 36 months and 48 months and see how each option compares.
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PostRe: The Money Thread...
by Glowy69 » Sat Mar 18, 2017 1:07 pm

Got my free £110 for switching to the co op bank last week, 28 days after I opened the account. 8-)
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