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longgone

skipton Lisa finally available

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Considering it.

The terms and conditions make me wary though.

It seems a pretty good deal, 1k for each 4 you put in, but getting it out/using it, sounds like it could be not straightforward. Or, it'd be another potential complication in an already complicated process.

Is the bonus going to be worth the hassle? For now, I've opened one up and stuck in a placeholder for this year. I'll take my time to consider if I want follow up with the full amount.

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3 hours ago, leggers said:

Considering it.

The terms and conditions make me wary though.

It seems a pretty good deal, 1k for each 4 you put in, but getting it out/using it, sounds like it could be not straightforward. Or, it'd be another potential complication in an already complicated process.

Is the bonus going to be worth the hassle? For now, I've opened one up and stuck in a placeholder for this year. I'll take my time to consider if I want follow up with the full amount.

i would only consider it for the bonus to use on a house. but i did own a property until 2006 so not sure if i can use it to buy a house. 

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I have one that I intend to use as a pension. As a lower-rate taxpayer without access to salary sacrifice I believe it to be more tax efficient than a workplace pension, since you effectively only pay NI on the cash it contains, not income tax - unlike regular pensions where you pay NI and then potentially also income tax at draw-down-time. I still have a regular pension too, for the employer contribution matching, and in order to save more than £4k a year.

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6 hours ago, longgone said:

i would only consider it for the bonus to use on a house. but i did own a property until 2006 so not sure if i can use it to buy a house. 

DYOR, but looking at the gov.uk site, it looks like you'd not be able to use it in the way you mention.

Quote

You must be a first-time buyer to put the Lifetime ISA towards your first home. A first-time buyer is someone who does not own, and has never owned, a home anywhere in the UK or the rest of the world.

https://lifetimeisa.campaign.gov.uk/

 

 

 

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did anyone bother to open one of these i hit the big 40 5 months ago and owned a property before so could only take the pension element but completely forgot about it and obviously now i can not do it anyway. 

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17 hours ago, longgone said:

did anyone bother to open one of these i hit the big 40 5 months ago and owned a property before so could only take the pension element but completely forgot about it and obviously now i can not do it anyway. 

I opened a LISA with nutmeg to get the clock rolling. Will transfer to Skipton once I've received the bonuses. I had read contradictory comments online as to whether they keep your original anniversiy date.

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2 hours ago, CanAffordWontPay said:

I opened a LISA with nutmeg to get the clock rolling. Will transfer to Skipton once I've received the bonuses. I had read contradictory comments online as to whether they keep your original anniversiy date.

ok i completely forgot about it. if i put the maximum 4k a year for the next 14-15 years probably lost 15k over term. who knows what inflation is going to do though 

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1 hour ago, longgone said:

ok i completely forgot about it. if i put the maximum 4k a year for the next 14-15 years probably lost 15k over term. who knows what inflation is going to do though 

We do plan to buy at some point so it made a bit of sense for us to go with the LISA. Had we not had the option to the use of it on a house I doubt we would have bothered with it. The LISA comes with a lot of restrictions and who knows where the rules will go with it in the future. Seems like the uptake hasn't that positive at the moment either. You're probably better off sticking with either a penion or using as much of the your annual isa allowance as possible. But again, who knows where the government plan to go with all these schemes.

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