If I pay £4000 in one month will I receive the the whole 25% the next month or is it spread across the year?
16 September 2021
Question by jack
If I pay 4000 pound in one month will I receive the the whole 25% the next month or is it spread across the year?
Answered by Mark Russel
I hope that this email finds you well.
Thank you for the question you have submitted through boring money. I think that the question you are asking is in relation to Lifetime ISA's so I have answered it on that basis. If I have misinterpreted your question, please come back to me with what you are really asking.
If you deposit £4,000 into a lifetime ISA the bonus is usually paid in by the government as a one off payment after 4-8 weeks but sometimes it can take longer. The monies must be held in a Lifetime ISA for at least 12 months before being withdrawn for the bonus to be retained and the monies at any point along your saving journey must be used by way of deposit on a first time property purchase for the total government bonuses to be retained.
I hope that the above answers your question but if you have any questions I would love to hear back from you?
Chartered Independent Financial Planner
I have 22 years’ experience as an Independent Financial Planner, with 8 working for the award-winning firm, True Bearing Chartered Financial Planners. I became a financial planner to help improve the lives of my clients and ensure that by working alongside them that they can achieve their goals and aspirations in life.