The Student Room Group
Uni students - Complete our survey >>
Uni students - Complete our survey >>
Uni students - Complete our survey >>

Lisa and help to buy (h2b) equity loan

Hi There

looking for some advice please.

Do you know if you use your lisa funds towards buying your 1st home and then also use the h2b equity loan scheme; can you then continue to save into the lisa account, accruing the 25% on top and then use the funds to pay your equity loan after 5 years? or would you loose the 25% bonus and be charged for with drawing from the lisa account?
Reply 1
Avatar for Dez
Dez
20
Original post by Anonymous
Hi There

looking for some advice please.

Do you know if you use your lisa funds towards buying your 1st home and then also use the h2b equity loan scheme; can you then continue to save into the lisa account, accruing the 25% on top and then use the funds to pay your equity loan after 5 years? or would you loose the 25% bonus and be charged for with drawing from the lisa account?


The 25% government bonus only applies if you are using the LISA funds towards the mortgage deposit for your first house, or if you withdraw funds after your 60th birthday. Withdrawals for any other reason will incur a penalty. So your plan won't work unless you happen to be over 55 right now, which I'm guessing you probably are not.
Original post by Anonymous
Hi There

looking for some advice please.

Do you know if you use your lisa funds towards buying your 1st home and then also use the h2b equity loan scheme; can you then continue to save into the lisa account, accruing the 25% on top and then use the funds to pay your equity loan after 5 years? or would you loose the 25% bonus and be charged for with drawing from the lisa account?


why not use the bonus towards your deposit and then you'll need a lesser loan or ltv because of the bonus anyway?

Quick Reply

Related discussions

Latest

Trending

Trending

Articles for you