Should I swap out my HelpToBuy ISA for a Lifetime ISA?

2018-01-16 18:27:24

The UK government has recently released a new type of ISA, the Lifetime ISA, to help first time buyers, such as myself.

My goal is to save £100,000.

My current savings are (all figures are rough):

Help To Buy ISA: £6000 (monthly payments of £200, opened: ~1 year ago)

Stocks & Share ISA: £3200 (initial investment: £3000, opened: ~1 year ago)

Rainy day savings: £6000 (sitting in a current account, not accuring interest)

My monthly income is £2200. My monthly expenses are quite low at around £500.

I am not putting anything into my pension yet, but this is a topic for another question.

Given the benefits of each ISA and my goal, what do you think I should do? Should I move the funds from the Help To Buy ISA into my Stocks And Shares ISA or into a Lifetime ISA?