HTB & LISA Question

[T6 vanman]

Scenario,

I'm about to put the final £200 into T6 Junior's HTB ISA and this will result in a balance of £12k

Can he (money coming from me) open a LISA and continue to input £200 into this (Q1: can he hold a HTB & LISA ISA?)

Will he be able to use both in the future purchase of his first property - (eg HTB= 12K + Gov 3k bonus + LISA (example 2024) £200*36months = £7,200 + Gov £1,800).

Therefore T6 Junior will have £24k for purchase - correct?? or does it not work like that??#

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Edited ... Just realised the Gov only give a maximum of £1k per year on the LISA so
(example 2024) £200*36months = £7,200 + Gov £1,800) .. should read
(example 2024) £200*36months = £7,200 + Gov £600).....T6 Jun will have £22.8k??

Edited by T6 vanman on Saturday 13th February 09:02

[Kiribati268]

T6 vanman said:

Scenario,

I'm about to put the final £200 into T6 Junior's HTB ISA and this will result in a balance of £12k

Can he (money coming from me) open a LISA and continue to input £200 into this (Q1: can he hold a HTB & LISA ISA?)

Will he be able to use both in the future purchase of his first property - (eg HTB= 12K + Gov 3k bonus + LISA (example 2024) £200*36months = £7,200 + Gov £1,800).

Therefore T6 Junior will have £24k for purchase - correct?? or does it not work like that??#

---

Edited ... Just realised the Gov only give a maximum of £1k per year on the LISA so
(example 2024) £200*36months = £7,200 + Gov £1,800) .. should read
(example 2024) £200*36months = £7,200 + Gov £600).....T6 Jun will have £22.8k??

Edited by T6 vanman on Saturday 13th February 09:02

No, you can't use both the LISA and the HTB for a house purchase, it's one or the other.

You can contribute into both though.

As it's a junior account at the moment i'll assume the house purchase will be many years in the future... As you've hit the celling with the HTB saving the max £12k, if you want more bonus than this you're best off transferring the £12k into a LISA, but you can only do this £4k per year.

However, it seems you have to be 18 to open one. So it seems you're a bit stuck until they hit 18 and when that happens it'll take at least 3 years to get it transferred over.

TL;DR: Want more than a £3k bonus? You'll *have* to go down the LISA route, but only when they're 18.

https://www.youinvest.co.uk/faq/can-i-have-both-he...

[T6 vanman]

Kiribati268 said:

https://www.youinvest.co.uk/faq/can-i-have-both-he...

Thanks for the link ... to quote

"But you can only get the government bonus on one of them when you buy your first home"

FYi .. T6 Junior is over 18 & looking to purchase around mid/late next year .. We'll just stay with the HTB

[Nickbrapp]

Bare in mind thst the HTB isa can’t be used towards your actual deposit but you can use it for fees etc

The LISA can be withrdrawn for deposit

[Mopey]

We used ours for our fees and then the rest was used as part of our deposit...