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