help to buy/Lifetime ISA help

[paulwoof]

Looking for a bit of advice if anyone has some experience of these.

Have been meaning to set up one up for some time.

There is currently the help to buy ISA which will can gather up to £3000 in government bonus towards first time purchase.

In april next year there will be a lifetime ISA which is the same thing but can also be used for retirement which can be withdrawn once 60. Again with the same percentage offered by the government but with no £3000 cap.

My confusion relates in whether to start a help to buy ISA now and transfer once available to the Lifetime ISA. Currently the help to buy ISA only pays out any funds once a mortgage has been agreed. Im unsure if any funds would be transferred over to the Lifetime ISA or if it would be in essence a fresh start. It states it would be possible to hold both ISA's at once time but only one may be used for a first time purchase.

[Ginge R]

The regulator has just opened a consultation on the LISA.

https://www.fca.org.uk/publication/consultation/cp...

[bobclayton]

Hi paulwoof,

When Osborne announced these earlier in the year it was confirmed that they are transferrable. Have a look at Rule 1 on Martin Lewis's site:

http://blog.moneysavingexpert.com/2016/04/01/the-h...