Lifetime ISA vs Help to Buy ISA: Decoded!

Buying a house in the UK is let's face it a little bit complicated, let's make things simpler!

There's two key products available in the UK to make buying a house a tad more affordable to save towards. But what's the difference between the two and should I switch from a Help to Buy ISA to a Lifetime ISA?

This video will answer those questions and more.

CHAPTERS:

0:00 Introduction
1:09 Help to Buy ISA Key Points
2:14 Lifetime ISA Key Points
3:37 The amounts
4:14 The fees
4:45 Time limits
5:03 House value
5:37 Which product is right for me?
6:04 Should I transfer to a Lifetime ISA?
7:08 Quick Summary
7:34 End

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DISCLAIMER:

Any information or ideas shared here are for informational and educational purposes only and whilst every endeavour is made to ensure accurate information it may include some errors or inaccuracies. I can't be held liable for any actions you take as a result of anything you watch/see/read here. Do your own research to ensure something is right for you and get independent financial advice if you need it 🙂

[jasonswife]

Can i have a help to buy isa and lifetime isa and pay in them both in the same year?

I opened a help to buy for my daughter just before it closed. We don't have any plans for her to buy a house in the next couple of years.
Are there any benefits and is it possible to have a help to buy and LIsa open at the same time and pay into them both in the same year? e.g could she pay £4000 in the LISA and £2000 in to the Help to buy?
I know you can only get the bonus from 1 to use on the property so i'm If she saved £4000 per year in the help to and then used that to buy her house eventually in say 5 years, the bonus would be higher than she could ever get in the help to buy. However, the interest rate on the help to buy is better than a current account or any saver at the moment. So, i'm thinking to continue to pay into the help to buy as well. BUT, would she loose all the interest that she has gained on the help to buy when she finally withdraws it after 5 years or in 2030 or is it just the gov bonus that she would loose? Thank you.