- August 15, 2023
- Posted by: legaleseblogger
- Category: Related News
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Seeking Advice on the Best ISA Option for Buying a Property Above £250k
Introduction:
Hello, I am currently seeking some advice regarding my ISA options for purchasing a property. A few years ago, instead of opting for a Lifetime ISA (LISA), I decided to open a Help to Buy ISA (HTB). At that time, I did not anticipate buying a property worth more than £250k and I liked the flexibility of being able to withdraw cash in case of emergencies. However, having saved for several years, I now have £11k in my HTB ISA along with approximately £40-50k in savings accounts. I am fortunate to have a fairly well-paying job and I am now considering properties that exceed the £250k cap for receiving government bonuses from my HTB ISA (but would likely fall below the £450k cap for a LISA). My tentative plan is to purchase a property around mid-late 2025.
Current Dilemma:
Given this situation, I am looking for the best options available to me. Should I consider opening a LISA and transfer £4k into it while keeping the HTB ISA? Alternatively, is it better to open a cash ISA to utilize my yearly ISA allowance fully and close the HTB ISA? Moreover, should I explore the idea of a stocks and shares ISA instead of keeping my cash in savings accounts with a 4.0% interest rate? I am unsure of what options are available to me and whether there are any consequences I need to consider.
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Conclusion:
Any help and advice in this matter would be greatly appreciated. Given my current circumstances and future plans, I am seeking guidance on the best ISA option to pursue. With the assistance of the AI Legalese Decoder, I hope to gain a clearer understanding of my available options and any potential consequences involved. Thank you in advance for your assistance.
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****** just grabbed a
Hi /u/cambookpro, based on your post the following pages from our wiki may be relevant:
– https://ukpersonal.finance/lisa/
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^(These suggestions are based on keywords, if they missed the mark please report this comment.)
Open a LISA immediately with £1, as the account needs to be open and funded for 12 months before you become eligible to use it. You can make the decision on whether to move across another £3999 before the end of March next year.
If you’re not buying a sub ┬ú250k house, the H2B is an inconvenient cash ISA with a ┬ú200pm contribution limit. You could spread that ┬ú11k into a LISA (┬ú4k in 23/24, ┬ú4k in 24/25, ┬ú3k plus whatever else you save in the next 20 months in 25/26) to just about squeeze in to your planned timeframe, so you’re not really getting any benefit of the higher savings cap, but do get the benefit of the higher house purchase cap.
Moneybox is the current market leading Cash LISA, but look at the MoneySavingExpert page.
If you’re confident any property you purchase will exceed the ┬ú250k cap on the H2B ISA, then that account is largely redundant – there’s no benefit in having a H2B ISA, and you can almost certainly get more interest elsewhere.
If you’re confident that you won’t buy for at least 1 year, and that when you do buy it will be within the LISA cap (<┬ú450k), then a LISA seems like a very sensible option.
If you have uncertainties about either of those two points, then you could hedge your bets by opening a LISA with ┬ú1 now. The starts the clock ticking on the LISA, which needs to be open for at least 1 year before you can use it without penalty. You can then top up the LISA (or not) as you become more confident in your plans – although ideally you would make a decision before April 2024 in order to make full use of the current tax year’s allowances.
Given current interest rates, you would expect to exceed the [PSA](https://www.moneysavingexpert.com/savings/personal-savings-allowance/) (assuming those £40-50k in savings are not currently in an ISA) and therefore yes, it would be advisable to shelter as much money as you can within cash ISAs. This would therefore suggest using the ISA transfer process to transfer from your H2B ISA into both the LISA (up to the £4k LISA limit) and a cash ISA in order to protect your ISA allowance, and probably also additionally pay in some of your other savings.
I would advise against using a S&S ISA given your timescales (~2 years). Typically I would suggest only investing if your planned timeline is 5+ years.