type__error’s avatartype__error’s Twitter Archive—№ 13,700

  1. My Lifetime ISA can only be used on house purchases up to 450k and house prices are past that. Early withdrawals cost 25% of account balance, supposedly to cover the HMRC bonus they pay you on the deposits, but I’d actually lose >£1k.
    On twitter.com Twitter logo type__error’s avatar ♻️ 1 Retweets ❤️ 18 Favorites 2022 Oct 26 Mood -1 🙁
    1. …in reply to @type__error
      Bonuses are paid at 25% of your monthly contributions. When I opened the account I was putting in less, so they paid less. The account also accrues interest. The 25% of the total balance is all the money they paid in, plus a grand of my own money and interest.
      Permalink On twitter.com Twitter logo type__error’s avatar ❤️ 5 Favorites 2022 Oct 26 Mood +5 🙂
      1. …in reply to @type__error
        The cap hasn’t risen with house prices. Because I want a 2 bed with a garden and I want to live near family, which is more than 450k, I can’t use the LISA. I’d be happy to give HMRC their money back plus any interest it accrued!! But they want considerably more.
        Permalink On twitter.com Twitter logo type__error’s avatar ❤️ 9 Favorites 2022 Oct 26 Mood +7 🙂
        1. …in reply to @type__error
          I know I’m not the only one in this position. Who can I get in touch with to try and sort this out? My MP tends to be useless.
          Permalink On twitter.com Twitter logo type__error’s avatar ❤️ 12 Favorites 2022 Oct 26 Mood -2 🙁