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How to convert your Help to Buy ISA to a Lifetime ISA

Published 30 September 2019 - If you are one of the many people that opted for a Help to Buy ISA then good move…but did you know that Help to Buy ISAs are being discontinued at the end of November this year?

Panic not though…as if you already have a Help to Buy ISA, then you can continue to contribute to it and still receive your 25% government bonus.

If you would like the opportunity to save more, you can now transfer your funds into a Lifetime ISA with Unity Mutual.

A Lifetime ISA lets you save more than a Help to Buy ISA (up to £4,000 a year meaning a larger government bonus to further boost your savings and nearing the reality of obtaining a deposit for your first home!).

While all Help to Buy ISAs are cash only, at Unity Mutual our stocks and shares Lifetime ISA, with 100% capital protection, also offers a market leading* interest rate of 1.5%! Furthermore, there are no fees for having a Lifetime ISA with Unity Mutual.

What you get with Unity Mutual…

  •  A government bonus of 25%
  •  A market leading* interest rate of 1.5%
  •  No annual management charge
  •  100% capital protection

Things to consider…

A Lifetime ISA must be open and funded for 12 months before you can use it to buy your first home.

  • You can only open a Lifetime ISA if you are aged between 18 and 39
  • Unlike a Help to Buy ISA where you can withdraw some or all of your cash at any time, there are restrictions on withdrawing cash from a Lifetime ISA.

Accessing your Lifetime ISA

Once your Help to Buy ISA has transferred to your Lifetime ISA, you’re only able to withdraw money free of charge if you’re buying your first home, if you’re over 60 or if you’re terminally ill. If you withdraw under any other circumstances, a 25% government withdrawal charge will apply – which could mean you get back less than you put in.

How do I transfer?

The easiest and quickest way is to contact Unity Mutual and let us do the rest!

Please note - We can’t give you any advice on whether our Stocks & Shares Lifetime ISA is right for you. We can only give you factual information.

If you’re in any doubt about whether this products is right for you, it’s a good idea to talk to an Independent Financial Advisor (IFA). You can find a local financial advisor by visiting www.unbiased.co.uk. You may need to pay for a financial advisor’s help, so make sure you ask them about their fees first.

Terms and conditions apply to our Lifetime ISA. For more information read the product’s Terms & Conditions and the Lifetime ISA Key Information Documents.

*Sources - Lifetime ISAs How they work, who they're for & all best buys 12 March 2019 https://www.moneysavingexpert.com/savings/lifetime-isas/

 

 

 

 

 

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