Should I open a LISA even if I’m about to buy a house in the next 6 weeks

[lionessofchrist]

I’m about to buy a house with a partner. I have always kept my cash in a high interest savings account. I was never sure I would be buying a place in the UK as I’m not from here originally so I was always a bit iffy about opening a LISA. Due to some unforeseen circumstances, I’m looking to buy and already found a property im interested in and set down an initial reservation deposit ( currently just shopping around for the best mortgage deals etc).

Is it worth it putting 4000 of the deposit money into a LISA right now to get the benefit of additional 1000 from the government before the 6th of April - are there any catches that I’m not aware of ? I know 1000 isn’t a lot but every little bit helps especially as I’m going in with a 5% deposit. Any information would be helpful , thank you .

I’m based in Scotland.

 

[mical]

@lionessofchrist No. A LISA must be open at least a year before you can make a withdrawal. If you'd opened one with a nominal sum previously, then you could top it up and get the bonus. If not, you've missed out unfortunately.

 

[lionessofchrist]

@mical Thank you for the information

 

[dogcat]

@lionessofchrist As other comments have pointed out, no. The LISA needs to be open a year before the purchase.

What might be worth doing is opening one anyway right now with the minimum balance of £1. Hopefully you won't need it, but who knows what can go sideways with house hunting. Open one now, and on the off chance things go pear shaped, you'll at least have the option of throwing money into it in a years time.