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    • Home • Advice • Common questions

    Can I combine money from my LISA and personal account for a house deposit?

    06 May 2021

    Question by Pelumi

    Hello, With the lifetime ISA, if I were to get one for the purpose of buying my first property and managed to save £12000 but needed a house deposit of £20,000. Would I be able to combine the 12k in the lifetime ISA with 8k from a personal account to put down a deposit for my first house? Many thanks

    Answered by Boring Money

    Hi Pelumi,

    Deposit for your first home can come from a range of sources such as Lifetime ISA or Help to Buy ISA, personal savings, inheritance received, and money gifted by a close family member. The solicitors and mortgage lender will ask you to provide the proof of the deposit as a part of home purchase process.

    So to answer your question, You can absolutely combine a mixture of deposit sources, such as £12,000 from a Lifetime ISA and £8,000 from your personal savings.

    By necessity, this briefing can only provide a short overview and it is essential to seek professional financial advice before applying the contents of this article. This briefing does not constitute advice or a recommendation.

    Answered by

    Boring Money

    Here to help you understand your options and make smart money choices.

    Important stuffHolly and the team have worked in the finance industry for many years but we are not regulated to give you personal financial advice. For every story on this website about a good investment, or something which went up by 10% or made someone £200, we could also share a story about a bad investment, something which fell in value or lost someone £200. We aim to provide general information and pointers – and btw we are totally agnostic about which providers you might pick – but if you have complex affairs, want personalised advice or need specific recommendations, please look at advice pages and see if regulated digital or traditional financial advice would be the best solution for your needs. Boring Money Ltd is a limited company registered in England and Wales under registration number 09459832 and we have our registered office at 10 Lower Thames Street, London, England, EC3R 6AF.
    Risk warningAs is always the case with investing, your capital is at risk. The value of your portfolio can go down as well as up and you may get back less than you invest. Tax treatment depends on your individual circumstances and may change in the future.
    Boring Money Ltd is a limited company registered in England and Wales under registration number 09459832 and we have our registered office at 10 Lower Thames Street, London, England, EC3R 6AF.
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